The percentage of the total Bitcoin (BTC) supply in profit is almost at a historical bullish threshold.
Crypto market data provider Glassnode revealed on Monday that the total Bitcoin supply in profit now stands at 79%. This particular metric tracks the percentage of ‘coins’ that were lower than the current market price the last time they were moved.
According to Glassnode, this percentage has steadily increased since Black Thursday when the BTC spot price flash-crashed to $3,800.
The chart above provides some insights into Bitcoin bull markets. For example, a supply in profit above 90% usually occurs during massive bull runs. Late June of 2019 and mid-December of 2017 are the last times this particular metric approached or moved beyond the 90% mark.
Both instances culminated in spot prices spiking. The 2019 high for the former and its all-time high (ATH) for the latter.
The data from Glassnode is the latest signal that Bitcoin appears poised for another bullish advance. As previously reported by BeInCrypto, the appearance of the first ‘red dot’ for 2020 in PlanB’s stock-to-flow (S2F) model likely indicates the start of another bull market for BTC, based on historical precedence.
Bitcoin continues to be one of the best-performing assets in all classes. Data from LookIntoBitcoin shows that BTC has remained profitable for 96% of its existence.