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Quick Take
As Bitcoin pushed toward a new all-time high in March, a significant milestone was reached on Feb. 28, with over 99% of the Bitcoin supply in profit. This was the first time since November 2021 that over 99% of the supply had been in profit, according to Glassnode data.
On Feb. 28, just 92,500 BTC were at a loss before the price dropped below $57,000, then consolidated around $62,000.
As of May 9, with the price back at similar levels, Glassnode data shows that over 2.6 million bitcoins are now at a loss, while 86% of the supply remains in profit. This change suggests that many short-term holders have entered a loss position.