73% of BTC in circulation is still profitable, the lowest in 330 days

Profitable chips are greater than 70% but the P/L ratio is still below 1. This may mean that while most BTC is still profitable at the moment, it may not be at a high level of profitability.

PAData June 2, according to CoinMarketCap, BTC has started a sharp pullback since May 10, and the coin price has retreated from $58,892.35 to the current $36,833.37, a drop of about 37.46%, with the average daily maximum amplitude reaching about 12.78% during the period, much higher than the average 8.47% oscillation range in the first quarter of this year.

Affected by the dramatic adjustment of BTC, the profitability status of chips in circulation (moving on the chain at a price lower than the current price) has also changed significantly recently. According to glassnode, while about 73.07% (7-day average, below) of BTC tokens in circulation were still profitable on June 1, this percentage has fallen nearly 16 percentage points in the last 30 days from 89.83% on May 2, down about 26 percentage points from the yearly peak of 99.26% set on Feb. 20, and hitting a lowest value in 330 days since July 7, 2020.


Not only has the number of BTC in a profitable state decreased, but in terms of realized value (the product of on-chain move price and volume), the current profit/loss ratio (7-day average) is about 0.96, which is already below 1, i.e., the profit disc is smaller than the loss disc and the total loss is larger. Before that, the profit/loss ratio was below 1 back on September 24, 2020. However, after the BTC coin price stabilized in the recent week, the P/L ratio has also rebounded, and the current value is up about 0.44 from the short-term low of 0.52 created on May 23.


The profit chips are greater than 70% but the profit/loss ratio is still lower than 1. This may mean that although most BTCs are still currently profitable, they may not be profitable at a high level; on the contrary, a few BTCs are currently in the red, but at a large loss.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/73-of-btc-in-circulation-is-still-profitable-the-lowest-in-330-days/
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