BTC: 99% of its Supply is Currently in Profit

BTC: 99% of its Supply is Currently in Profit

The world’s top crypto asset, Bitcoin, is experiencing a major rally that peaked during the first two week of October. It is currently up by 40%, and as a direct result of the rally, a huge portion of the crypto asset supply has now turned profitable.

Glassnode, a major contributor to crypto news – one of the most prominent on-chain analysis companies- revealed that 99% of all BTC supply has now turned to profit. However, long-term BTC tenures will continue to hold their supply of the crypto assets for the next couple of years.

BTC’s option volume also saw a spike, not only its profitability. BTC open interest spiked also, “Open interest is up an incredible +107% ($6.3B) since the September lows. Bitcoin option volume is similarly elevated, peaking at $1.5B per day last week.  Glassnode commented.

It was July 3rd of this year that BTC was at an all-time low (of this year) at some $29k. However, since then the price has seen an increase of more than 100%. As of writing this, the price of Bitcoin is $64 500; it’s the highest since April 2021.

The dominance of BTC in the global crypto market industry is exponential. The price of the assets has risen more than any of the other top 7 crypto derivatives. Currently, the BTC market cap is at $1.17 trillion, and the digital coin accounts for some 47% of the crypto market.

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