Long-term Bitcoin holders profited 90 percent of the total supply: Glassnode

Despite the worldwide economic slowdown, Bitcoin, the world’s oldest and largest cryptocurrency by market capitalization, is struggling to make money. According to a new Glassnode analysis, long-term holders (LTHs) of this virtual asset now own 90 percent of the total supply of BTC in profit. Bitcoin now has a circulating supply of 19,061,762 coins, according to CoinMarketCap. According to the Glassnode analysis, long-term holders’ share of Bitcoin’s circulation has climbed in recent months.

In recent weeks, the fraction of BTC supply held by LTHs that is profitable has surpassed 90%.

The term’supply in profit’ refers to the total amount of Bitcoins on the BTC market that are now profitable. The metric is generated by looking at each BTC token’s on-chain history to see when it was last sold.

If the current price of a BTC token is higher than its purchase price, the coin is considered profitable.

Short-term BTC holders (STHs) have only ten percent of BTC’s supply in profit in their wallets right now.

According to the Glassnode research, STHs of BTC are at the height of their discomfort level right now because they don’t hold any ‘unrealised earnings.’

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