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Mind-Blowing 99.7% of All Bitcoin Holders Are Now in Profit

Wed, 10/20/2021 - 11:42
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Arman Shirinyan
Bitcoin becomes one of the most profitable assets on the financial market
Mind-Blowing 99.7% of All Bitcoin Holders Are Now in Profit
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The most recent data from Glassnode suggests that almost 100% of all Bitcoin traders and investors are now in profit. With Bitcoin coming closer to the previous all-time high, there are now almost no entities that have taken a high price.

According to the data provided data, 99.75% of the Bitcoin supply is now in profit. The same value was previously reached back in April-May when Bitcoin reached $64,899, which remains the ATH.Glassnode Data

As of now, Bitcoin is trading at $63,900, which means that it remains short $1,000 from the previous high. The main fuel for the current growth is the start of Bitcoin futures ETF trading in addition to the global risk-on on the financial markets. The main market indexes, like S&P500 and DAX, are also facing strong rallies with an average 5% growth.

Grayscale Now Holds $54.3 Billion in Crypto, $41.5 Billion in Bitcoin

The mentioned on-chain metric can also be used to determine whether the market is overbought or oversold. With the value coming closer to 100%, the market might face the first profit realizations that can start the chain of liquidations and correction.

Previously, with metrics moving in the 95-99% range, the correction on the market appeared shortly after over the course of a week. While the metric can be used as an indicator, it does not utilize any technical analysis and only shows raw data.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.