Renowned Bitcoin Analyst PlanB: 87% of All Bitcoins in Profit as BTC Hits Yearly High

Renowned Bitcoin Analyst PlanB: 87% of All Bitcoins in Profit as BTC Hits Yearly High

Crypto News – Prominent Bitcoin investor and Stock-to-Flow (S2F) model creator, PlanB, recently shared a noteworthy insight about the current state of the Bitcoin market. In a late-night post on X (formerly Twitter) dated Wednesday, November 22, PlanB revealed that an impressive 87% of all Bitcoins were currently in a profitable position. This revelation coincided with Bitcoin’s trading value around $37,500, as per TradingView data.

PlanB’s post included a visually informative chart that employed various colors to represent the historical evolution of the percentage of profitable Bitcoins. This data represented a significant improvement over Glassnode’s findings from just three days prior, which indicated that 83.6% of the total Bitcoin supply had been in a profitable state.

According to Glassnode’s latest report, the current profit ratio for Bitcoin holders has reached its highest point since November 2021 when Bitcoin neared its all-time high (ATH) of $68,789, according to CoinMarketCap data.

Despite this notable percentage of Bitcoins being in profit, Glassnode’s report suggests that the unrealized profit within these coins is relatively modest. As a result, it has not yet served as a substantial incentive for long-term holders to cash in their profits.

In recent days, Bitcoin has displayed remarkable resilience, maintaining an upward trajectory despite heightened market volatility. It even reached a yearly high of $37,978 on November 23 and, at the time of this writing, continues to trade strongly at $37,190, notwithstanding occasional retracements toward the $35,000 range.