Bitcoin Investor Says 87% Of All Bitcoins Are in Profit

According to PlanB, a renowned Bitcoin investor and creator of the Stock-to-Flow (S2F) model, 87% of all Bitcoins are in profit. He noted this in a post on X (formerly Twitter), which he made in the late hours of Wednesday, November 22, while Bitcoin traded around $37,500, according to data from TradingView.

87% of all bitcoin is in profit (yellow)🚀 pic.twitter.com/3g1337bQh8

— PlanB (@100trillionUSD) November 22, 2023

PlanB’s post contained a chart that used different colors to show the percentage of Bitcoins in profit beginning in the early days of the flagship cryptocurrency. It shows a notable improvement on the data released by Glassnode about three days ago, showing that 83.6% of the Bitcoin supply was held in profit.

According to Glassnode’s recent report, the current profit ratio for Bitcoin holders is the highest the industry has experienced since November 2021, when Bitcoin traded close to its all-time high (ATH) of $68,789, according to data from CoinMarketCap.

Glassnode’s report suggests that despite the high ratio of Bitcoins in profits, the magnitude of unrealized profit held within these coins remains modest and thus far insufficient to motivate long-term holders to lock in profits.

Bitcoin has sustained upward momentum despite days of increased volatility. It reached a yearly high of $37,978 on November 23 and trades at $37,190 at the time of writing, despite multiple retracements toward the $35,000 region.

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