Bitcoin becomes one of the most profitable assets on the financial market
The most recent data from Glass knot suggests that nearly 100% of all Bitcoin traders and investors are now at a profit. With Bitcoin coming closer to the previous all-time high, there are now almost no entities that have taken a high price.
According to the data provided, 99.75% of Bitcoin’s supply is now profitable. The same value was previously reached back in April-May when Bitcoin reached $64,899, which remains the ATH.
Right now, Bitcoin is trading at $ 63,900 which means it remains short by $ 1,000 from the previous high. The main fuel for the current growth is the start of Bitcoin futures ETF trading in addition to the global risk-on on the financial markets. Major stock indices like the S & P500 and DAX are also facing strong rallies with average growth of 5%.
The mentioned on-chain metric can also be used to determine whether the market is overbought or oversold. With the value approaching 100%, the market may be faced with the first realizations of profits which can start the chain of liquidations and corrections.
Previously, with metrics moving in the 95-99% range, the correction on the market appeared shortly after over the course of a week. While the metric can be used as an indicator, it does not use any technical analysis and only shows raw data.
