- 93% of BTC in circulation has become profitable after the asset broke above $11,000, as per Glassnode.
- Despite the pressure to sell, BTC miners appear to be holding their coins.
Research and analytics firm Glassnode has said that 93% of Bitcoin in circulation has become profitable after the coin’s price moved beyond the $11,000 mark.
After Bitcoin broke above $10,000, the currency’s GNI score reached one of its highest points in 2020, leading Glassnode to determine that Bitcoin is “pushing deeper into the bullish regime.” GNI is an aggregate of on-chain metrics and market factors.
BTC miners appear to be holding their assets through the price spike despite the rising pressure to sell, according to a recent edition of Glassnode’s On-chain report. The report concluded that miner behavior suggests an “underlying confidence” in Bitcoin’s fundamentals, contributing to its bullish outlook.
You can read our latest BTC/USD price prediction report here.