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More than 50% of the circulating Bitcoin supply in profit!
The last time this happened was in September - November 2021, when the Bitcoin price was being quoted near its all-time high at $65,000 At every historical moment when this indicator has entered this field it has signaled Distribution, either to a local top or a major top for Bitcoin. Continuing in the historical context, these periods don't happen quickly and the price could still go higher, as investors are euphoric since the price is at a 7-week high. Supply circulating at a loss still signals more room for price rises and already indicates an uptrend phase (distribution) since the $30,000 breakout in mid-October this year. However, times of constant price momentum and high risk given the greed sentiment penetrating the market it is important to keep the rational working and protect/take profits as the price still provides such an opportunity.