Quant

2024

Bitcoin

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Glassnode reports that over 90% of the Bitcoin supply remains profitable despite market volatility.</a> </li> 
 <li> <span>2</span> <a>U.S.-based Bitcoin ETFs have acquired 857,700 BTC worth $58.50 Billion in just 5 months, indicating a bullish outlook.</a> </li> 
 <li> <span>3</span> <a>Data from Crypto Quant shows a decrease in BTC exchange reserves.</a> </li> 
</ul>  
<p>As per the latest report from blockchain analytics firm <strong>Glassnode</strong>, over 90% of the current Bitcoin supply remains profitable despite the recent market volatility.<br>The report indicates that as the <strong>Bitcoin market</strong> reaches new all-time highs and experiences price discovery, it enters a phase of euphoria where the proportion of supply in profit fluctuates around the 90% level for the next 6–12 months.&nbsp;</p> 
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  <p lang="en" dir="ltr">As the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> market breaks towards a new ATH and price discovery, it enters the Euphoria phase, where the supply in profit starts to fluctuate around the 90% level for the next 6-12 months. <br><br>The current euphoria phase is relatively young but has been active for around 2.5… <a href="https://t.co/Gqv0dWHVKo">pic.twitter.com/Gqv0dWHVKo</a></p>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1796550302381810174?ref_src=twsrc%5Etfw">May 31, 2024</a>
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<p>The current euphoria phase is relatively young, having been active for around 2.5 months, with 93.4% of the<a href="https://www.thecoinrepublic.com/2023/04/10/over-half-of-bitcoin-supply-in-last-2-yrs-stays-unmoved-reports/" target="_blank" rel="noreferrer noopener"> Bitcoin supply</a> currently held in profit.</p> 
<p>The data also indicates that despite volatility, investors maintained their position, showing their support for the King Crypto.</p> 
<h2 class="wp-block-heading" id="strong-analysts-look-bullish-on-btc-amidst-the-bitcoin-etf-growth-strong"><strong>Analysts Look Bullish on BTC Amidst the Bitcoin ETF Growth</strong></h2> 
<p>In a recent post on X, crypto expert Ali Martinez pointed out the significant growth of<strong> Bitcoin ETFs</strong>. Martinez mentioned that within just 5 months, US Bitcoin ETFs acquired 857,700 BTC, equivalent to $58.50 Billion. It seems like something big is on the horizon.</p> 
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  <p lang="en" dir="ltr">In just 5 months, US <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs have bought 857,700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, worth $58.50 billion. Brace yourselves for what's coming! <a href="https://t.co/cNi5u6OjtW">pic.twitter.com/cNi5u6OjtW</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1796621920856617086?ref_src=twsrc%5Etfw">May 31, 2024</a>
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<p>Additionally, recent data from Blockchain shows that Bitcoin spot ETFs experienced a total net inflow of $48.738 Million on May 31, marking a net inflow for 14 consecutive days.&nbsp;</p> 
<p>Specifically, Grayscale ETF GBTC had an outflow of $124 Million, BlackRock ETF IBIT had an inflow of $169 million, and Fidelity ETF FBTC had an inflow of $5.9047 Million.</p> 
<h3 class="wp-block-heading" id="strong-bitcoin-exchange-reserves-dropped-is-it-good-strong"><strong>Bitcoin Exchange Reserves Dropped; Is It Good?</strong></h3> 
<p>According to data from Crypto Quant, the BTC exchange reserve has decreased over the last 7 days, indicating lower sell-side pressure. A decline in the exchange reserve suggests market participants are more inclined to buy.</p> 
<p>In the past 24 hours, the exchange reserve has decreased by 0.47%, and there has been a 1.64% decrease in the last 7 days. Currently, the <strong>Bitcoin</strong> Exchange Reserve stands at 2,855,557.87.</p> 
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<p>At the time of writing, Bitcoin was trading at a level of $67,581.45 with an intraday drawdown of 1,18%, as per the data from CoinMarketCap.</p>

90% Bitcoin Supply in Profit; Will BTC Smash 100K Level?

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