{"id":577076,"date":"2024-02-27T15:00:58","date_gmt":"2024-02-27T15:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=577076"},"modified":"2024-06-11T08:33:47","modified_gmt":"2024-06-11T08:33:47","slug":"95-bitcoin-now-profit-could-signal-sell","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/95-bitcoin-now-profit-could-signal-sell\/","title":{"rendered":"95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell"},"content":{"rendered":"

On-chain data shows the Bitcoin supply in profit has reached levels that led to some tops in the past, like the peak of the April 2019 rally.<\/p>\n

Bitcoin Supply In Profit Has Shot Up Following BTC’s Latest Run<\/h2>\n

As pointed out by an analyst in a CryptoQuant Quicktake post<\/a>, Bitcoin supply in profit has hit very high levels after the asset’s latest rally. The “supply in profit<\/a>” here refers to a metric that measures the percentage of the total circulating BTC supply that’s currently carrying some amount of unrealized gain.<\/p>\n

This indicator works by going through the transaction history of each coin (more precisely, each UTXO<\/a>) on the blockchain to see what price it was last moved at. Assuming that the previous transfer of the coin was the last time it changed hands, the price at that instance would act as its current cost basis.<\/p>\n

Related Reading: Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable?<\/a><\/div>\n

As such, if the previous transfer price for any coin was less than the spot value of the cryptocurrency right now, then that particular coin would be holding a profit currently. The supply in profit sums up all such coins and calculates what percentage of the total supply they make up for.<\/p>\n

A counterpart indicator called the “supply in loss” does the same for coins of the opposite type (that is, those with a cost basis lower than the current price). This metric’s value can also simply be found by subtracting the supply in profit from 100 (since the total supply must add up to 100%).<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin supply in profit over the past few years:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin supply in profit has naturally shot up recently as the asset’s price has gone through its rally. After the latest continuation of the run towards the $57,000 level, the metric has hit the 95% mark.<\/p>\n
This means that 95% of all UTXOs in existence is carrying a profit at the moment. This may not entirely be a positive thing, however, if history is anything to go by.<\/p>\n
As the quant has highlighted in the chart, the BTC rally that started in April 2019<\/a> topped out just as the supply in profit hit the same high levels as right now. Similarly, the local top in 2020 at the beginning of the last bull market also coincided with these levels.<\/p>\n
The reason behind this pattern is likely to be the fact that investors in profit are more likely to sell their coins at any point. Thus, when a large percentage of holders are carrying gains, the probability of a mass selloff can spike up.<\/p>\n
Related Reading: XRP Forms Buy Signal, Analyst Predicts Surge To This Target<\/a><\/div>\n
That said, in the 2017 and 2021 bull runs, as well as during the November 2021 peak, the indicator did manage to surpass these levels for a while before the top was encountered.<\/p>\n
As such, it remains to be seen if the current rally is similar to the likes of the April 2019 run, in which case a top might be hit here, or if it’s a proper bull run, meaning that there might still be a while to go before the peak.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around the $56,500 level, up 8% over the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has enjoyed a sharp rally today | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin supply in profit has reached levels that led to some tops in the past, like the peak of the April 2019 rally. Bitcoin Supply In Profit Has Shot Up Following BTC’s Latest Run As pointed out by an analyst in a CryptoQuant Quicktake post, Bitcoin supply in profit has hit very high levels after the asset’s latest rally. The “supply in profit” here refers to a metric that measures the percentage of the total circulating BTC supply that’s currently carrying some amount of unrealized gain. This indicator works by going through the transaction history of each coin (more precisely, each UTXO) on the blockchain to see what price it was last moved at. Assuming that the previous transfer of the coin was the last time it changed hands, the price at that instance would act as its current cost basis. Related Reading: Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable? As such, if the previous transfer price for any coin was less than the spot value of the cryptocurrency right now, then that particular coin would be holding a profit currently. The supply in profit sums up all such coins and calculates what percentage of the total supply they make up for. A counterpart indicator called the “supply in loss” does the same for coins of the opposite type (that is, those with a cost basis lower than the current price). This metric’s value can also simply be found by subtracting the supply in profit from 100 (since the total supply must add up to 100%). Now, here is a chart that shows the trend in the Bitcoin supply in profit over the past few years: The value of the metric seems to have been going up in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin supply in profit has naturally shot up recently as the asset’s price has gone through its rally. After the latest continuation of the run towards the $57,000 level, the metric has hit the 95% mark. This means that 95% of all UTXOs in existence is carrying a profit at the moment. This may not entirely be a positive thing, however, if history is anything to go by. As the quant has highlighted in the chart, the BTC rally that started in April 2019 topped out just as the supply in profit hit the same high levels as right now. Similarly, the local top in 2020 at the beginning of the last bull market also coincided with these levels. The reason behind this pattern is likely to be the fact that investors in profit are more likely to sell their coins at any point. Thus, when a large percentage of holders are carrying gains, the probability of a mass selloff can spike up. Related Reading: XRP Forms Buy Signal, Analyst Predicts Surge To This Target That said, in the 2017 and 2021 bull runs, as well as during the November 2021 peak, the indicator did manage to surpass these levels for a while before the top was encountered. As such, it remains to be seen if the current rally is similar to the likes of the April 2019 run, in which case a top might be hit here, or if it’s a proper bull run, meaning that there might still be a while to go before the peak. BTC Price At the time of writing, Bitcoin is trading around the $56,500 level, up 8% over the past week. Looks like the price of the asset has enjoyed a sharp rally today | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":577091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,7159,6481,91660,85219,84738,1119,1144],"class_list":["post-577076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-profit","tag-bitcoin-rally","tag-bitcoin-sell-signal","tag-bitcoin-supply-in-profit","tag-bitcoin-top","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin supply in profit has reached 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell","url":"http:\/\/uniquehot.com\/news\/95-bitcoin-now-profit-could-signal-sell\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/95-bitcoin-now-profit-could-signal-sell\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/kanchanara-GnWfl_nnZro-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin profit","bitcoin rally","bitcoin sell signal","bitcoin supply in profit","bitcoin top","btc","btcusd"],"dateCreated":"2024-02-27T15:00:58Z","datePublished":"2024-02-27T15:00:58Z","dateModified":"2024-06-11T08:33:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/95-bitcoin-now-profit-could-signal-sell\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/95-bitcoin-now-profit-could-signal-sell\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/kanchanara-GnWfl_nnZro-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin profit\",\"bitcoin rally\",\"bitcoin sell signal\",\"bitcoin supply in profit\",\"bitcoin top\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-02-27T15:00:58Z\",\"datePublished\":\"2024-02-27T15:00:58Z\",\"dateModified\":\"2024-06-11T08:33:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/kanchanara-GnWfl_nnZro-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/577076"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=577076"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/577076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/577091"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=577076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=577076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=577076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}