TL;DR Breakdown:
- Bitcoin supply in profit has spiked to a 3-month high following the increase in the price of Bitcoin to over $52,000.
- More people are still accumulating BTC. Over $1.7 billion BTC was moved off exchanges in the last 24 hours.
The leading cryptocurrency, Bitcoin (BTC), is starting out well in September. The price has been gradually increasing amid several bullish indicators, including the declining balance on all exchanges. Following El Salvador news on Bitcoin adoption, the price of BTC surged above $52,000 on Monday, resulting in an increase in the number of addresses and Bitcoin supply in the state of profit.
87.8% Bitcoin supply in profit return to 3-month
According to data from Glassnode, over 16.49 million BTC supply (7d MA) has returned in profit amid the surge in price. This means about 87.8 percent of Bitcoin supply and 34,069,565 addresses are currently in the state of profit. The last time such a number of addresses went into profit was three months ago, before the mid-May crash.
This data correlates with price movements in Bitcoin. An increase in Bitcoin would raise the number of addresses in profit, while a decline in price reduces their profitability. For instance, Bitcoin supply in loss has also decreased to 2,274,560.001 BTC, which represents a 3-month low.
Bitcoin accumulation continues
All exchange on-chain Bitcoin outflows are still spiking, suggesting a strong level of demand and accumulation in the Bitcoin market. Many analysts had said outflows, and the declining supply of BTC on exchanges are healthy metrics that could sustain price on the uptrend.
In the last 24 hours, on-chain exchange net flow turned negative -$413.9 million, meaning there were more outflows from exchanges than inflows. Per Glassnode, more than $1.7 billion worth of Bitcoin was moved-off exchanges.
