While there were speculations that BTC investors sought to establish a bear market floor, Glassnode, considered some on-chain metrics to drive home this point further.Firstly, Glassnode considered BTC’s Percent Supply in Profit. According to it, tracking the declining supply in profit was a useful tool for identifying “points of elevated financial stress, which have exhausted sellers in previous cycles.
Glassnode also looked further at BTC’s Net Unrealized Profit/Loss metric . This was used to assess the difference between unrealized profit and loss of the network as a proportion of the market capitalization. Glassnode then assessed BTC’s Adjusted-Net Unrealized Profit/Loss metric to correct for any contribution from inactive BTC supply. And the intelligence platform found that,
Presently, 18% of BTC’s total supply was held by short-term holders. 15% was held at an unrealized loss, while 3% of BTC’s supply held by short-term holders was held in profit.