Bitcoin Supply In Profit Nears 95%: Top Signal?
Summary
Bitcoin's Percent Supply in Profit has neared 95% during the recent rally, historically signaling a potential top for the asset. This on-chain indicator tracks the percentage of Bitcoin supply with unrealized gains. When this metric exceeds 95%, it has historically led to market tops, as profitable investors are more likely to sell. Conversely, when the Percent Supply in Profit is below 50%, it has historically signaled market bottoms. The current high level suggests a potential local top for Bitcoin. After surging, Bitcoin has retraced towards $47,900.
