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Bitcoin nears $77,000 with 68% of supply in profit, Glassnode says
Glassnode estimates the profit overhang has expanded by about 600,000 BTC, roughly $47 billion at current prices, raising the need for new demand to absorb selling near resistance.
Bitcoin is trading near $77,381, and Glassnode data cited by CryptoSlate points to a larger share of BTC supply now sitting in profit at that price level. According to the analysis, 68% of circulating supply is in profit at $77,381, up from 65% when BTC traded near the same level in May. That three percentage-point gap is estimated at roughly 600,000 additional BTC, worth about $47 billion at current prices, that could be sold for a gain before Bitcoin reaches its next major resistance band.
The report also says Bitcoin's short-term holder cost basis sits near $71,000 after resetting lower during the June-to-August range. It argues that while coins currently in profit represent potential supply, Bitcoin's path to a sustained breakout depends on absorbing two seller groups in sequence, newly profitable buyers near current prices and longer-term holders closer to breakeven higher up.
Glassnode also highlights longer-term holder supply concentrated between $83,000 and $86,000, previously quantified at about 1.05 million BTC, and says a return to that zone would make them whole for the first time since the correction began. CryptoSlate adds that US-traded spot Bitcoin ETFs had a seven-day average of $290 million per day of inflows during August's rally, while trading turnover in those ETFs stayed around $3 billion per day, though the week also saw about $236 million in outflows as Bitcoin slid back toward $77,000.
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