Bitcoin's Profit Overhang Swells by $47 Billion as It Eyes $80,000 Breakout

Bitcoin is trading near $77,381, and according to Glassnode, 68% of its circulating supply is now in profit at this level. This is a significant increase from May, when 65% of the supply was profitable.

This three-point gap equates to roughly 600,000 additional BTC, an estimate worth about $47 billion at current prices, that could be sold for a gain before Bitcoin even reaches its next major resistance band.

The short-term holder cost basis has reset lower by months of trading through the June-to-August range and now sits near $71,000. This means that buyers who accumulated during this period are already profitable at today's price, well before Bitcoin revisits its highs.