According to a recent report by Glassnode, Bitcoin's (BTC) profitable supply has reached levels seen when the market had just pulled back from its all-time high (ATH) in November 2021.

With market transactions reaching their highest levels of the year, more than 83.6% of Bitcoin's supply is now in profit, the highest level since November 2021 (close to all-time highs).
According to analysts at Glassnode, Bitcoin continued its strong price performance, trading near the highest point of the year and rising above $37,900 this week. As a result, more than 16.366 million BTC are currently in profit, which equates to 83.6% of the circulating supply.
According to Glassnode, from a statistical standpoint, this is historically significant, well above the historical average (74%) and heading towards a higher standard deviation of +1 90% of the standard deviation.
According to analysts, when this indicator rises above this upper boundary, it historically coincides with the market entering the early stages of the "euphoria phase" of a bull market. Despite the high profitability, Bitcoin investors appear to be holding onto their assets, indicating a strong belief in BTC's future performance.

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