The world’s most valuable cryptocurrency witnessed a strong rally in the first two weeks of October. In fact, Bitcoin is up more than 40% since the start of the month.
Due to the rally, the vast majority of the overall Bitcoin supply has turned profitable, according to data from leading on-chain analytics firm Glassnode.
Per the data, long-term holders of Bitcoin are going to hold onto their crypto for the next few years.
The firm tweeted:
With Bitcoin over $60k once again, only 0.98% of the circulating supply was last spent at higher prices. Owners of this 185,816 BTC HODLed throughout all the volatility, the ups, and the downs of the last 6 months. 99.02% of all BTC supply is now in profit
Besides the latest uptick in profitability, option volume and open interest measured a significant rise during the first two weeks of October 2021. The firm noted:
Open interest is up an incredible +107% ($6.3B) since the September lows. Bitcoin option volume is similarly elevated, peaking at $1.5B per day last week. The last time option trade volume was this high was on three occasions from March through to May this year.
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Currently trading above $62,000 after having close the highest weekly candle in recorded history, Bitcoin is tantalisingly close to price discovery above $64,500.The crypto experienced major corrections in May and July, since touching a low of approximately $29,000 has increased by over 100% in a relatively short amount of time.
As noted in the bi-weekly newsletter, Bitcoin’s total market dominance has been rising consistently as capital flows increase. In terms of price, the crypto has outperformed the vast majority of cryptocurrencies in terms of percentage gains in the last 7 days, which is typical when BTC approaches all time highs.
Currently, Bitcoin’s market capitalisation stands at $1.17 trillion, over 46.8% of the overall crypto market cap.
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