By Omkar Godbole
Bitcoin could be on the verge of breaking into a multi-month bull run, according to a lesser-known data metric.
The percentage of bitcoin’s circulating supply in profit is currently hovering at 87%, according to data provided by blockchain analytics firm Glassnode. The metric is calculated by looking at the ratio of coins with a value that is higher now than when they were last moved.
Essentially, over 16 million BTC out of the total circulating supply of 18.4 million is currently making gains. More importantly, the 87% level is close to that seen at the onset of the previous long-term bull markets.