Onchain Highlights

The percentage of entities in the network that are currently in profit is based on the amount of Bitcoin bought cheaper than the current price.

Onchain Highlights

Bitcoin’s price movements in 2024 have been characterized by substantial volatility, mirroring its趨勢 in previous years, especially 2017. The asset has witnessed several periods of steep declines followed by surges, contributing to an overall rollercoaster pattern of market behavior.

This volatility is largely driven by the speculative nature of the market and highlights the influence of external factors, such as regulatory developments and macroeconomic conditions, on Bitcoin’s valuation.

Recent data from Glassnode shows a vast majority of Bitcoin entities are in profit, with over 90% of the supply being profitable as of May. This trend indicates that holders are maintaining their positions amid market swings, reflecting a resilient support level for the flagship digital asset.

Moreover, Glassnode data suggests that the Bitcoin market is experiencing support levels that are bolstering the confidence of holders, even as the asset undergoes typical cyclical corrections.

The consolidation of Bitcoin’s price around key support levels and the sustained profitability of a majority of holders suggest a strong underlying market structure that could mitigate extreme downtrends and provide stability moving forward.

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