Bitcoin (BTC) has brought almost 98% profit to its owners every day since 2013as confirmed by new data.
According to a social media-based monitoring resource, the Track profitability, By buying Bitcoin, its owners have grown 97.6% richer every day.
BTC’s profitability is a “characteristic of bullish rallies”.
In other words, as on-chain analytics service Glassnode noted in its weekly The Week On-Chain report on Monday, 97.6% of unspent Bitcoin Transaction Spending (UTXOs) is profitable.
This means that Only 2.4% of UTXOs were created as part of an inter-wallet transaction when the price of BTC was above current levels and was around $ 12,000.
“”Long and higher periods at this level are characteristic of bullish rallies as BTC approaches new all-time highs (at this point the metric hits 100%), “said Glassnode.
Bitcoin UTXO Profitability Chart. Source: Glassnode
Despite a slight setback overnight on Tuesday Bitcoin Continues To Delight Fans With Almost 30% Monthly Profits.
The withdrawal of gold and stocks appears to be increasing selling pressurebut under the hood Bitcoin’s fundamentals are still stronger than ever.
As reported by Cointelegraphthe hash rate has reached its highest average value ever.
The bullish evidence is mounting
Glassnode added that Every time the UTXO profitability exceeds 95% there is a brief but intense upward trend for BTC that lasts up to three months.
Other metrics suggest this Bitcoin is at the start of a long bullish rally rather than the end of a sudden rally. In particular, the Glassnode compass, which uses a basket of factors to determine Bitcoin’s strength, continues to show strong upward momentum.
“The continued position of the compass in the upper right quadrant provides an optimistic signal of ongoing upward sentiment and chain activity.”added the report.
“This trend supports widespread speculation that BTC is in the early stages of entering a bull market.”
Glassnode Compass shows Bitcoin’s latest weekly performance. Source: Glassnode
Previously, Cointelegraph stated so Bitcoin’s Relative Strength Index (RSI) mimicked its performance after halving in 2016, which hit an all-time high of $ 20,000 a year later..