99,7% of all Bitcoin holders now make a profit

99,75% of the Bitcoin supply is now profitable. The same value was previously reached in April-May when Bitcoin reached $64.899, which remains the ATH.

As of now, Bitcoin is trading at $63.900, meaning it remains short at $1.000 from its previous high. The main fuel for the current growth is the start of trading Bitcoin futures ETFs, in addition to the global risk in the financial markets. Major market indices such as S&P500 and DAX are also facing strong rallies, averaging 5% growth.

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The on-chain metric mentioned can also be used to determine if the market is overbought or oversold. With the value approaching 100%, the market may face the first profit realizations that can start the chain of settlements and corrections.

Previously, with the metrics moving in the 95-99% range, the market correction would appear shortly after over the course of a week. While the metric can be used as an indicator, it does not utilize any technical analysis and only shows raw data.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.