BTC Supply in Profit Nears 90% as Price Rallies on Expected Bitcoin ETF Approval
Nearly 90% of the bitcoin supply is currently profitable as prices exceed $46,000, driven by anticipation of a U.S. spot exchange-traded fund (ETF) approval. This is a significant increase from under 50% at the start of the previous year. Bitcoin's value increased by almost 160% in 2023 and has risen by 50% in the past six months, largely due to the expected ETF approval by the U.S. Securities and Exchange Commission. El Salvador reported a $13 million profit on its bitcoin investment due to this rally. However, CryptoQuant analysts warn that high unrealized profits among bitcoin holders could lead to a sharp price decline. If bitcoin reaches $48,500, a market correction could occur, with potential support levels at $34,000 and $30,000. The next resistance point for bitcoin, according to CryptoQuant's network valuation metrics, is at $55,000.
