As BTC Crosses $11,000 mark 93% of Bitcoin Addresses in Profit

According to a recent update on July 28, the $11,000 BTC outbreak has led to a surge in the circulating profit supply. The update also suggested that about 93 percent of bitcoins in circulation have become profitable, up from 80 percent at the start of the year.

In addition to boosting profitability, Glassnode also reported that Bitcoin has finally recovered from the cryptocurrency meltdown on March 12, reversing the trend in the realized price of the asset, and boosting profitability. It found that 93% of BTC in circulation are profitable, the highest level in more than a year. This has led Glassnode to conclude that Bitcoin is pushing deeper into a bull market and on track to break through the $10K mark by 2020, the report said.

As per Glassnode’s analysis of data from the US Securities and Exchange Commission, bitcoin miners are under pressure to sell when the price rises. However, the pressure to sell does not appear to have unsettled the miners, who held on to their coins to capitalize on the price rise.

The report reads:

However, this sell pressure does not seem to have fazed miners, who appear to be holding onto their coins rather than capitalizing on the price increase.

 Also, the report concludes that the behavior of the miners suggests a positive outlook for the long-term growth potential of Bitcoin and contributes to a bullish outlook.

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