Over 16.366 million BTC are in profit, accounting for 83.6% of the circulating supply

The last on-chain report released by Glassnode shows that Bitcoin continues to maintain strong price performance, trading close to the highest point of the year, and pushing it to more than $37,900 this week. There are currently more than 16.366 million BTC in profit, equivalent to 83.6% of the circulating supply. This brings the volume of coins in the black to levels similar to the 2021 bull market highs. However, the size of the holding's unrealized profits remains modest, as measured by the difference between the spot price and the coin's cost basis. The extent of unrealized profits held by investors has so far not been enough to incentivize long-term holders to sell, keeping total supply relatively tight.