90% of bitcoins in profit: Surprising resilience

Despite rollercoaster rides worthy of the greatest amusement parks, bitcoin manages to hold its head high. More than 90% of this cryptocurrency’s supply remains profitable, even in the midst of volatility reminiscent of the 2017 turbulence. Onchain data unveils a story of perseverance and speculation. Let’s analyze how bitcoin holders navigate through the tumultuous waters of the market.

Bitcoin Volatility in 2024: An Echo of 2017

Bitcoin seems to be playing a remake of its 2017 adventures in this year 2024. Indeed, the leading digital asset has experienced a series of spectacular ups and downs, making the market as unpredictable as Breton weather.

These abrupt variations, marked by drastic price movements, highlight the highly speculative nature of bitcoin. Nevertheless, these fluctuations do not seem to discourage the aficionados of the queen of cryptocurrencies. On the contrary, they continue to hold their positions with resilience worthy of the best traders on Wall Street.

This behavior demonstrates robust and persistent support, insensitive to the ebb and flow of external factors such as regulatory developments or macroeconomic conditions.

Profitability and Trends: The Onchain Picture

The recent data from Glassnode bring a ray of hope to bitcoin holders: despite recent volatility, more than 90% of the supply is profitable as of May.

This means that the majority of bitcoins in circulation were purchased at a price lower than the current value. This performance underscores a solid underlying market structure, capable of absorbing cyclical shocks without plunging into despair.

Current trends show a complex interaction between price fluctuations and the profitability of entities. By maintaining their positions, these entities reinforce a level of support that could well mitigate extreme declines in the future.

The price consolidation around key levels and sustained profitability suggest that the bitcoin market may have found some stability, despite its changing moods.

In short, while bitcoin continues to offer us thrills, it seems that its holders have found the recipe to stay in the saddle.