More than 71% of Bitcoin’s circulating supply is in unrealized profit, approaching a threshold that has historically preceded major bull runs. On August 27, Bitcoin closed at $80,256, pushing 72.1% of supply into profit territory. After a pullback, the figure dipped to 67.7%, settling around 68% in early September with Bitcoin near $77,381. As of August 28, approximately $617 billion in invested capital remained underwater. Since 2012, durable market recoveries have consistently required the supply in profit to reach at least 64%.
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