As per the latest findings from Glassnode, a blockchain analytics firm, more than 90% of the current Bitcoin supply remains profitable amidst recent market fluctuations. The report highlights that as Bitcoin continues its upward trajectory, reaching new all-time highs and exploring price discovery, it enters a phase of euphoria where about 90% of the supply remains in a profitable zone. This phase is expected to persist for the next 6 to 12 months.

The ongoing euphoria phase, though relatively new, has been active for approximately 2.5 months, with 93.4% of the Bitcoin supply currently in profit. Despite market volatility, investors have held their positions, demonstrating unwavering support for the leading cryptocurrency.

Analysts’ Optimism Surrounding Bitcoin Amidst ETF Expansion

In a recent analysis shared by expert Ali Martinez, the growth of Bitcoin ETFs in the U.S. has been highlighted. Martinez underscores that within just a 5-month period, U.S.-based Bitcoin ETFs have acquired a substantial 857,700 BTC, equivalent to $58.50 billion. This notable influx of Bitcoin into ETFs suggests a promising future for the market.

Moreover, recent insights from Blockchain showcase that Bitcoin spot ETFs registered a net inflow of $48.738 million on May 31, maintaining a net positive flow for 14 consecutive days. Notably, Grayscale ETF GBTC recorded an outflow of $124 million, BlackRock ETF IBIT saw an inflow of $169 million, and Fidelity ETF FBTC witnessed an inflow of $5.9047 million.

Decrease in Bitcoin Exchange Reserves: A Positive Sign?

Data from Crypto Quant reveals a decline in BTC exchange reserves over the past week, signaling reduced selling pressure. A drop in exchange reserves indicates a preference among market participants for buying Bitcoin. In the last 24 hours, the exchange reserve dipped by 0.47%, with a 1.64% decrease over the past 7 days. At present, the Bitcoin Exchange Reserve stands at 2,855,557.87.

At the time of this report, Bitcoin prices were at $67,581.45, experiencing a 1.18% intraday decline, based on information from CoinMarketCap.