Bitcoin’s supply of profit has dropped to 80%. This is a decrease from 100% in March of this year. The percentage of supply in profit represents the share of existing coins that had a lower price during their last transaction compared to their current value. SSupply in profit is an important indicator of how active the market is, the level of volatility, and the extent to which factors influence token value. The current trend has shed light on the impact of Bitcoin Halving on supply and profits.
Bitcoin halved on April 19, 2024, thereby reducing the number of tokens in circulation and making them scarce and more expensive. It has also had an impact on supply in terms of profit, as it plummeted to 80% in June 2024. A drop in supply and profit is a further reflection of a decline in value. It was closer to $73,000 but has now inched a step closer to $60,000.
The period 2013–2024 had more than 90% of supply in profit. Key highlights came in 2017 and from late 2020 to early 2021.
BTC’s price experienced uptrends in 2017, even briefly breaching the mark of $800. Late 2020 to early 2021 saw the price go as high as $40,000. The market remains volatile, as BTC has experienced significant drops in recent times. The token is exchanging hands at $61,342.39 at the time of writing this article. That is a dip of 10.77% in the last 30 days and 2.26% in the last 24 hours. Bitcoin’s volatility level hovers around 3.31%, with a 14-day RSI of 25.64. While the market cap has plummeted by 2.20%, the 24-hour trading volume has significantly surged by 189.81%.
One reason could be the accumulation of traders wanting to grab profits once the token recovers from its low. There is a possibility of a jump to $81,931 in the next 30 days. If it happens, it will rise 35.34% from the current value. First, it is critical to test the resistance of $70,541 in the next five days.
The times ahead are likely to see more fluctuations. Mt. Gox, now a defunct platform, has said that it will begin returning tokens to its clients. Experts estimate that the crypto exchange platform will initiate a settlement for over 140,000 BTC tokens in July 2024. These are those clients who were victims of the 2014 hack. According to Alex Thorn, the Head of Research at Galaxy, the distribution of tokens may be less than anticipated, resulting in less sell pressure on Bitcoin compared to market expectations.
For the time being, it is unclear whether the BTC value will rise to a new high and whether its supply will change favorably in terms of profit. Meanwhile, you can stay updated on the live BTC price and Bitcoin price predictions for informed investment decisions.
