On-chain data shows Bitcoin’s plummet toward the $26,500 mark has sent 10% more of the total supply into a state of loss.
Bitcoin Supply In Profit Has Dropped From 71% To 61% After The Crash
According to data from the on-chain analytics firm Glassnode, the supply in profit has taken a big hit with this price plunge due to the market previously being “top-heavy.”
The “percent supply in profit” here is an indicator that measures the percentage of the total circulating Bitcoin supply that’s currently carrying some amount of unrealized loss.
The metric works by going through the on-chain history of each coin to see what price it was last moved at. If this previous selling price for any coin was less than the current spot price of the asset, then that particular coin is said to be carrying a gain. The supply in profit metric then naturally adds the coin to its count.
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