The surge in prices boosted the profitability of the Bitcoin network as the total supply in profit soared to a 18-month high.
The surge in prices boosted the overall profitability of the Bitcoin network. According to on-chain analytics firmAs evident in the graph below, a large chunk of this supply was accumulated during the market’s dip to $25,000 in mid-June. Consequently, nearly 2.47 million loss-making BTC tokens, amounting to 12.7% of the total circulating supply, became profitable.On the other hand, the supply in loss plunged to just 4.79 million, reminiscent of levels seen during the bull market of July 2021.
Furthermore, whale addresses, who were active during the first few days of the recent bull market, lowered their exchange interaction considerably. The count of transactions transferring BTC coins worth more than $100,000 declined from the recent peak.
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