• About 12.7% of Bitcoin’s total circulating supply became profitable in the recent rally.
• The supply of Bitcoin on exchanges was little more than 6% of the overall supply.

Bitcoin [BTC] has held at its yearly highs in recent weeks, following the June rally that brought cheers and hopes to market participants. Compared to the November 2022 lows, this was a remarkable turnaround as prices have nearly doubled to $31,288.40 at press time, data from CoinMarketCap revealed.

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Supply in profit increases

The surge in prices boosted the overall profitability of the Bitcoin network. According to on-chain analytics firm Glassnode, the total supply in profit soared to an 18-month high as of 13 July.

As evident in the graph below, a large chunk of this supply was accumulated during the market’s dip to $25,000 in mid-June. Consequently, nearly 2.47 million loss-making BTC tokens, amounting to 12.7% of the total circulating supply, became profitable.

On the other hand, the supply in loss plunged to just 4.79 million, reminiscent of levels seen during the bull market of July 2021. With a profit-to-loss supply ratio of 75:25, the market entered a stage of equilibrium, as per Glassnode’s analysis.

This phase, also referred to as the ‘re-accumulation period’, has historically followed the recovery from the lows of a bear market, and tre

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Author: Aniket Verma

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