Over 94% of Bitcoin's circulating supply is currently in profit, according to on-chain analytics firm Glassnode. This indicates that the vast majority of Bitcoin holders have purchased their coins at a lower price than the current market value. Checkmate, Glassnode's lead analyst, says this could reinforce the "buy-the-dip" mentality among investors. This is in contrast to previous market trends, where a significant portion of Bitcoin holders were underwater. In 2020, for example, only about 60% of Bitcoin's supply was in profit. The recent surge in profitable Bitcoin holders is likely due to the cryptocurrency's strong performance in recent months. Bitcoin has gained over 50% in value since the start of the year and is currently trading at over $60,000.