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Home»ADOPTION NEWS»Profit Bitcoin circulating supply hits multi-year high.
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Profit Bitcoin circulating supply hits multi-year high.

By Crypto FlexsNovember 28, 20233 Mins Read
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Profit Bitcoin circulating supply hits multi-year high.
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According to a Bitfinex Alpha report on Monday, profitable Bitcoin circulation hit a new high of more than 83% this week, the highest since November 2021 when the world’s largest cryptocurrency by market capitalization hit an all-time high. It’s a high level.

The multi-year high was also confirmed by Glassnode data.

“with bItcoin Trading at a yearly high above $37,000 last week, more than 83% of the coin’s supply has returned to profitable territory,” Glassnode Posted At X.com. However, the blockchain analytics firm added that “the size of unrealized gains remains modest and is not yet sufficient for long-term investors to sell.”

According to Bitfinex, more than 16.3 million bitcoins are currently in circulation.

Bitfinex analysts said, “The percentage of Bitcoin currently held at profit is much higher than the historical average of 74%.” The report added that this means the market is in a relatively strong position, “with most Bitcoin holders seeing positive returns on their investment.”

Recent data from The Block dashboard also indicates increased bullishness in the Bitcoin market. 7-day moving average of total transaction fees for the last 3 days This has changed in favor of the Ethereum and Bitcoin networks. BTC

-1.01%
This is the first time since November 2020.

Long-term holders are accumulating

Bitfinex analysts said that about 70% of Bitcoin’s total circulating supply has remained motionless over the past year. According to the report, this is a new all-time high.

“This is providing a source of upward pressure as growing demand chases limited supply,” the analysts added.

In a note to The Block, Bitfinex analysts identified contrasting behavior between the current dynamics of long-term holders and those observed in past cycles.

“The current cycle shows a continued upward trend in supply, with fewer plunges and fluctuations in long-term holder supply due to spending. This indicates that there is some degree of undersupply in the Bitcoin market regardless of long-term holder profitability. “It’s a pretty decent size,” analysts said.

Bitfinex analysts concluded their report by saying that current conditions support their argument that the market is in the early stages of a bull market.

“Bitcoin remains rangebound for the time being and continues to show strength,” Bitfinex analysts added. It was trading at $37,093 at 12:40 PM ET, according to The Block data.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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