On-chain data shows about 70% of the total Bitcoin supply is currently in profit, a level that has historically been important for bulls. Around 30% Of Total Bitcoin Supply Is Now Underwater As per the latest weekly report from Glassnode, the percentage of BTC supply in profit has now fallen off to just 70%. The “percent of supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s currently in the green. When the value of this metric increases, it means more coins have started to get into profit. This leads to holders becoming more probable to sell their coins in order to harvest their gains. At very high values of the indicator (more than 95%), the price of Bitcoin has usually approached a top as profits are realized. On the other hand, when the metric moves down, it means more coins are entering into the red. Below certain low levels, investors may capitulate to cut their losses. However, when more than 50% of the supply is underwater, bottoms have historically formed. Related Reading | Green Energy: In NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant Now, here is a chart that shows the trend in the value of the Bitcoin supply in profit over the last couple of years: Looks like the value of the indicator has declined recently | Source: The Glassnode Week Onchain - Week 3, 2022 As you can see in the above graph, the metric has been falling down...
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