The leading cryptocurrency Bitcoin has reached the $31,000 limit after data from the USA. However, it did not hold up at this level.
While investors are waiting for a rally in BTC, the good news came from Glassnode.
Stating that the supply distribution in Bitcoin shows that BTC has established a solid foundation below $ 30,000, Glassnode said, “This indicates that BTC has formed a strong price support for its current level.” said.
In a recent report, Glassnode stated that about 75% of the total Bitcoin supply is held at profit, while the remaining 25% is held at a loss.
This means that only 25% of the total BTC supply was bought above the current level of $30,000.
At this point, Glassnode stated in its report that almost all of the 75% of the profits are HODLers and these investors are long-term investors who profit as the price rises:
“We can see that the supply of $15,000 to $30,000 in Bitcoin is quite substantial. This shows that a large amount of Bitcoin has changed hands in the last 12 months.
This means that only 25% of the BTC supply was purchased above $30,000, and these purchases were also made in the 2021-2022 period.”
However, stating that the 75%-25% rate in the BTC supply represents a balance point for BTC, Glassnode stated that after this rate was caught, BTC entered the accumulation process.
Glassnode added that this period is called a pre-halving “accumulation period” by analysts.
Glassnode also said in its previous reports that Bitcoin is already making movements seen in the early stages of bull markets.
*Not investment advice.
