13% of BTC supply returns to profit as Bitcoin sees 'massive' accumulation
The significance of Bitcoin's weeks-long trading range is all the more apparent with BTC price at one-month highs, says analysis. Bitcoin (BTC) hodlers are return ing to profit as new data hints the BTC price has put in the “foundation” of a macro bottom. The latest figures from on-chain analytics firm Glassnode shows a large swathe of the BTC supply heading “into the black” as BTC/USD passed $18,000. Bitcoin establishes "massive" accumulation zone After gaining nearly 5% in 24 hours, Bitcoin is back on bulls’ radar ahead of a crunch United States inflation data release. What the impact will be remains uncertain, but on-chain analysis is eyeing a more important phenomenon already playing out on the market. The latest price uptick has seen a considerable number of bitcoins flip from unrealized loss to unrealized profit — it is now worth more than when it last moved. If this means that investors who bought below the current spot price are in profit, it suggests that a sig...