Analysis: Nearly 89% of Bitcoin supply is floating in profit, which may indicate that the market is about to peak

Glassnode data shows that out of approximately 19.3 million BTC in circulation, an estimated 17.3 million are in a profitable state, with the remaining 1.9 million in a loss state. The convergence of profit and loss is a sign of the bottom of the Bitcoin cycle. This phenomenon has repeatedly occurred during bear markets, especially in 2015, 2019, 2020, 2021, and 2022.

Currently, the Bitcoin market is at one of the widest levels of differentiation, with nearly 89% of Bitcoin supply in a profitable state, slightly lower than the cycle high. Analysis suggests that this may indicate that the market is about to peak after the recent uptrend. (CryptoSlate)