Data from on-chain analytics firm Glassnode reveals that 5.9% of the total Bitcoin supply has entered into losses as the cryptocurrency's price dropped to $29,200. The "percent supply in profit" indicator has declined to 70.4%, indicating the percentage of the total Bitcoin supply currently carrying some profit. Whenever the profit in supply has crossed the 75% mark, declines in the price have become more probable. The latest tumble in the asset may have come because investors who had been sitting on profits may have sold their coins to harvest their gains.
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