The volume of Bitcoin supply in profit has reached the levels last seen two years ago as the market came off its November 2021 all-time high, according to Glassnode.

In its ‘Week on Chain’ report released this week, the analytics provider added that the magnitude of unrealized profit held within these coins remains modest.

The percentage of Bitcoin’s circulating supply currently held in profit reached 83.6% or 16.36 million BTC during last week’s rally. Moreover, this is historically significant, being well above the all-time mean value of 74%, added Glassnode.

Bitcoin Accumulation Accelerates  

Bitcoin rallied to its highest level of the year, tapping $37,900 on November 16. However, it has currently retreated 4% from that high as markets continue to cool. 

With #Bitcoin trading at yearly highs above $37k last week, over 83% of the coin supply was driven back into profitable territory.

However, the magnitude of unrealized profit remains modest, and is not yet sufficient for long-term investors to divest.https://t.co/IGJpglF20J

— glassnode (@glassnode) November 22, 2023

Using an Accumulation Trend Score, Glassnode reported that this recent surge has seen greater accumulation patterns than others this year. There were two significant rallies in late January and late March when prices jumped 40% and 50%, respectively. 

This leg-up has seen a gain of around 40% from $26,800 in mid-October to last week’s high. However, there was a “robust accumulation regime” during the recent price expansion, it stated before adding:

“This broad uptick in accumulation means that strong market performance and increasingly optimistic hopes around