Bitcoin this week showed another 5-10% gain with various bullish signals appearing on both the price chart and on-chain data, including large exchange outflow, increased hashrate and 16% of the currency supply in profit.
According to current on-chain data, Bitcoin spent in the range of $29,700 and $45,400 has returned to profit, which indicates that 16% of the supply becomes profitable. The percent supply in profit may indicate the current conditions of the market. Whenever values are too low, the chances of buying power appearing on the market exponentially rise. If the market is performing “too well,” there are bigger chances that selling power will appear.