Rajarshi Mitra
Independent Analyst
- 93% of BTC in circulation has become profitable after the asset broke above $11,000, as per Glassnode.
- Despite the pressure to sell, BTC miners appear to be holding their coins.
Research and analytics firm Glassnode has said that 93% of Bitcoin in circulation has become profitable after the coin’s price moved beyond the $11,000 mark.
$BTC's break above $11,000 has lead to a sharp increase in the on-chain supply in profit.
— glassnode (@glassnode) July 28, 2020
Currently almost 93% of the circulating #Bitcoin supply is in a state of profit – the highest level in over a year.
Chart: https://t.co/ol3yKrNfcK pic.twitter.com/2OT3iMReaS
After Bitcoin broke above $10,000, the currency’s GNI score reached one of its highest points in 2020, leading Glassnode to determine that Bitcoin is “pushing deeper into the bullish regime.” GNI is an aggregate of on-chain metrics and market factors.
With $BTC breaking $10k and on-chain fundamentals growing stronger, #Bitcoin hit one of its highest GNI scores this year - pushing deeper into the bullish regime.
— glassnode (@glassnode) July 27, 2020
Read more in the latest Week On-Chain https://t.co/ftrbRbz1kE pic.twitter.com/SELOsY3Vks
BTC miners appear to be holding their assets through the price spike despite the rising pressure to sell, according to a recent edition of Glassnode’s On-chain report. The report concluded that miner behavior suggests an “underlying confidence” in Bitcoin’s fundamentals, contributing to its bullish outlook.
You can read our latest BTC/USD price prediction report here.
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