The volume of Bitcoin supply in profit has reached the levels last seen two years ago as the market came off its November 2021 all-time high, according to Glassnode.
In its ‘Week on Chain’ report released this week, the analytics provider added that the magnitude of unrealized profit held within these coins remains modest.
The percentage of Bitcoin’s circulating supply currently held in profit reached 83.6% or 16.36 million BTC during last week’s rally. Moreover, this is historically significant, being well above the all-time mean value of 74%, added Glassnode.
Bitcoin Accumulation Accelerates
Bitcoin rallied to its highest level of the year, tapping $37,900 on November 16. However, it has currently retreated 4% from that high as markets continue to cool.
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