Bitcoin Profit Supply Nears Historic Threshold Amid Price Volatility
The Bitcoin supply in profit has reached a significant milestone, nearing the historic threshold of 74.7%. According to Bitfinex, more than 71% of the Bitcoin supply is now in profit, with the figure standing near 67% when the price traded above $82,500 during its May consolidation.
Bitfinex places the historical mean at 74.7%, noting that prior moves above it have marked bear-to-bull transitions. However, this does not necessarily translate to a standalone bullish signal, as more coins now showing gains on paper creates a deeper pool of potential sellers near former local highs.
The recent price action has seen the BTC price recover near $78,600 after falling to $77,603. This swing liquidated $79 million in Bitcoin positions, with total crypto liquidations reaching $264 million, including $187 million in longs.