Bitcoin’s extreme volatility this week has wiped out a significant amount of unrealized profits across the entire market.
Data from Glassnode showed that on Aug. 1, over 85% of Bitcoin’s circulating supply was in profit, reflecting a stable and enduring bullish sentiment as the price settled at around $65,000. However, as the price began declining over the past week, a huge chunk of this profitability was wiped away.
With Bitcoin dropping to below $50,000 on Aug. 5, the percentage of supply in profit fell to 71%, the lowest since October last year. Even though the price recovered to around $56,000 on Aug. 6, the supply in profit remains at just above 73%.
Graph showing the percentage of Bitcoin’s circulating supply in profit from July 24 to Aug. 6, 2024 (Source: Glassnode)
Both long-term and short-term holders saw a sharp increase in their supply held in loss.
On Aug. 1, STHs held 1.603 million BTC in loss, but this figure rose to 2.868 million on Aug. 5 before decreasing slightl
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