Bitcoin supply at 86% profit despite recent price drops
As Bitcoin surged towards a new all-time high in March, a significant milestone was achieved on Feb. 28 when over 99% of the Bitcoin supply was in profit. This marked the first time since November 2021 that such a high percentage of the supply had been in profit, according to data from Glassnode.
On Feb. 28, only 92,500 BTC were experiencing a loss before the price dropped below $57,000 and then stabilized around $62,000.
Fast forward to May 9, with the price returning to similar levels, Glassnode data reveals that over 2.6 million bitcoins are currently at a loss. Despite this, 86% of the total Bitcoin supply is still in profit. This shift indicates that many short-term holders have entered into a loss position.
The data shows a resilient outlook for Bitcoin, with a majority of the supply remaining profitable despite recent price fluctuations.
