Bitcoin Profitability Surges: Only Investors Above $95 In The Red

While Bitcoin flirts with $94,500, one surprising data point stands out: 88% of the supply is in profit. A statistic that should make holders smile… with one caveat. Those who bought between $95,000 and $100,000? They are grimacing. This tiny but symbolic segment now holds the majority of the losses. But what does this market anomaly really tell us? More than just a numerical reading, it is a snapshot of investors’ psychology.

A Profitable Market, but Adjusting Expectations

For a long time, the rule was simple: price goes up, wallets sing, and investors dance. But today, even with an overwhelming majority of holders in positive territory, the mood is less euphoric than one might imagine. Why? Because expectations have changed.

Previously, a Bitcoin at $94,000 would have triggered scenes of digital jubilation. Today, it evokes… a doubtful frown. Why? Due to a rise in ambitions. Those who bought around $95,000 hoped for a million, not just a simple market breath.

This shift in expectations is also visible in data from Glassnode. The percentage of supply in profit has rebounded, rising above its long-term average of 75%. 

In August 2024, this average coincided with a price of $60,000. In other words: for many, the new market bottom is now between $75,000 and $95,000. A rather comfortable bottom… unless you entered at the peak.

The question is no longer “how much have I made?”, but “why haven’t I made more?” This is where Bitcoin plays a strange role: both a safe haven and a frustration machine.

Bitcoin: Calmer Holders, a Healthier Market

Previously, at every price peak, exchange platforms saw sell orders pouring in like bees on a jar of honey. Today, flows are slowing. The exchange flow-to-network activity ratio has dropped by half since the last peak. 

For Axel Adler Jr., a well-known analyst, this detail speaks volumes: the market is not selling. It is breathing. It is digesting. It is waiting.

Even better, the MVRV ratio — this magnifying glass that distinguishes rational enthusiasm from speculative madness — has returned to 1.74. A level considered “healthy” since January 2024. 

Historically, this is where Bitcoin finds support to jump again. Nothing spectacular, but promising consolidation.

Then, there’s the NVT, this thermometer of overvaluation. Currently neutral. At 0.5, it signals a tempered market, far from the fever spikes of February 2025. A Bitcoin at $94,400 seems today more mature, more organic, almost reasonable.

What this situation reveals is not a lazy market. It’s a market that is learning. Investors are not panicking. They analyze, they adjust. Gains are there, but ambitions are deflating. For those waiting for an explosion above $100,000, the time calls for patience. Especially with ETFs absorbing far more Bitcoin than miners produce.