Data from Glassnode suggests Bitcoin is currently in the historical bear market to bull market transition period. Bitcoin Correlation Between Price And Supply In Profit Has Recently Been Below 0.75 As per a recent report by Glassnode, the BTC correlation between the price and the supply in profit generally observes multiple drops below 0.75 during transitional periods. The “supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s holding some profit right now. The metric works by looking at the on-chain history of each coin to see what price it was last moved at. If this previous selling price is less than the current BTC value for any coin, then that particular coin has some unrealized profits at the moment. Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance The correlation between the crypto’s price and its supply in profit tells us whether the two metrics have been moving in the same direction or not. Now, here is a chart that shows the trend in this Bitcoin correlat ..
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