On-chain analytics firm Glassnode has explained how the latest Bitcoin selloff is different from the LUNA and FTX crashes of 2022.
Bitcoin Supply In Profit Trend Is Structurally Different For The Latest Crash
In a new post on X, Glassnode has discussed how the recent bearish action in BTC compares against some of the past crashes. The analytics firm has used the Percent Supply in Profit to make the comparison. This on-chain indicator measures, as its name suggests, the percentage of the total Bitcoin circulating supply that’s sitting on some net unrealized gain right now.
The metric works by going through the transaction history of each token in circulation to see what price it was last transferred or sold at. If this previous transaction price
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