According to the most recent study from blockchain analytics company Glassnode, more than 90% of the existing Bitcoin supply is still profitable, despite the recent market turmoil.
According to the analysis, the Bitcoin market enters a euphoric era where the ratio of profit to supply fluctuates around the 90% level for the next six to twelve months after the new all-time high and price discovery.
As the bitcoin market breaks towards a new ATH and price discovery, it enters the euphoria phase, where the supply of profit starts to fluctuate around the 90% level for the next 6–12 months.
The current euphoria phase is relatively young but has been active for around 2.5… pic.twitter.com/Gqv0dWHVKo
— Glassnode (@glassnode) May 31, 2024
With only 2.5 months of activity, the current round of euphoria is still relatively new, with 93.4% of the Bitcoin supply already in profit.
Additionally, the data shows that investors maintained their positions despite the volatility, showing their support for King Crypto.
Analysts are bullish on BTC amid the rise of Bitcoin ETFs
Cryptocurrency analyst Ali Martinez recently noted the significant growth in Bitcoin ETFs in an article on X. Martinez said that the US Bitcoin ETF has gained 857,700 BTC, or $58.50 billion, in just 5 months. It appears that an important event is approaching.
In just 5 months, US Bitcoin ETFs have bought 857,700 BTC, worth $58.50 billion. Brace yourselves for what’s coming! pic.twitter.com/cNi5u6OjtW
Ali (@ali_charts) May 31, 2024
Moreover, according to the latest data from Blockchain, Bitcoin spot ETFs saw net inflows of $48.738 million on May 31, marking a 14-day streak of net inflows.
Grayscale ETF GBTC saw outflows of $124 million. BlackRock ETF IBIT saw inflows of $169 million. Fidelity ETF (FBTC) recorded inflows of $5.9047 million.
Bitcoin exchange reserves drop; is this excellent?
According to Crypto Quant statistics, the BTC exchange reserve has fallen in the last 7 days, indicating weaker sell-side pressure. A reduction in the exchange reserve means that people in the people in the market are more likely to buy.
The exchange reserve has declined by 0.47% in the last 24 hours and 1.64% in the last 7 days. The Bitcoin Exchange Reserve now stands at $2,855,557.87.
Based on statistics from CoinMarketCap, Bitcoin was trading at $67,581.45 at the time of writing, with a 1.18% intraday drop.
