Analysis: Nearly 89% of Bitcoin supply is floating in profit, which may indicate that the market is about to peak

Glassnode data shows that of the approximately 19.3 million BTC in circulation, an estimated 17.3 million are in profit and the remaining 1.9 million are in loss. The convergence of profits and losses is a sign of the bottom of the Bitcoin cycle. This phenomenon has occurred repeatedly during bear markets, especially in 2015, 2019, 2020, 2021, and 2022. Currently, the Bitcoin market is experiencing one of its broadest levels of divergence, with nearly 89% of Bitcoin supply in the black, slightly below cycle highs. Analysts said this could signal that the market is about to peak after recent gains. (CryptoSlate)