- The bitcoin price jumped more than 5% on Thursday to reach levels above $18,400.
- According to on-chain data from Glassnode, the price rally has helped 13% more BTC return to profit; Now 60.5% of the circulating supply is in profit.
- Only 47%-48% of BTC was in profit between November 2022 and the beginning of January 2023,
BitcoinThe price breakout above $18,200 has seen 13% higher returns of circulated supply in on-chain data, benefiting from Glassnode. They say,
According to the platform, the sharp jump in the percentage of supply in profit amid the latest crypto rally confirms buying positions on the decline as prices slide towards the end of 2022. $18,200.
As #bitcoin Rallying to $18.2k, over 13% of the circulating supply has returned in profit.
The sharp upward movement seen in this metric helps confirm that a large $BTC Was purchased for between $16.5k and $18.2k.https://t.co/yflZloDbSP pic.twitter.com/J8egLvYt3w
— Glassnode (@glassnode) January 12, 2023
Bitcoin supply jumps in gains amid BTC rally
bitcoin price The November 2022 low of $15,600 was reached after a violent market reaction to the collapse of the cryptocurrency exchange FTX. The price jumped above $18,000 in mid-December before bulls met resistance and sent BTC down below $17,000.
The Profit In Profit or Supply In Loss metric considers the coin’s on-chain history, determining what price it last moved. Coins are in profit if the price at which they were last moved is less than the current price of BTC, while loss percentage is when the current price of BTC is higher than the coins price when they were last moved on chain.
According to Glassnode, more than half of the bitcoin circulating supply was lost between November and January this year. Around 47%-48% of the BTC supply was in profit during this period.
However, with 2023 off to a positive start for the cryptocurrency and BTC reaching a high of $18,420 on January 12, the percentage of circulating supply has risen to 60.5% in profit.
As of writing, the price of bitcoin is up 5.2% over the past 24 hours and data from CoinGecko shows the leading cryptocurrency is up nearly 9% over the past week.