Santiment confirmed that a 98% supply of Bitcoin is currently in profit.
ADA and MATIC have 53.5% and 35% of the supply in profit, respectively.
Ethereum (ETH) ranked second with 95% of supply in profit.
Blockchain analytics firm Santiment reported on X that nearly 98% of Bitcoin’s (BTC) total supply is currently profitable, marking substantial gains for investors since the cryptocurrency’s inception.
💸 Supply in Profit is calculated by summing a token's value vs. its value when it first originated on the blockchain. The percentage of top assets' supply in profit is:🪙 Bitcoin: 98.3%🪙 Ethereum: 95.1%🪙 Chainlink: 86.8%🪙 Dogecoin: 82.2%🪙 XRP: 78.8%🪙 Cardano: 53.5% pic.twitter.com/ptaZVBSr41
— Santiment (@santimentfeed) June 6, 2024
To clarify its methodology for readers unfamiliar with blockchain data analysis, Santiment explained:
“Think of it this way – If a BTC coin was mined and first introduced at $60K, it is considered in profit since BTC is currently valued at $70.8K. If a BTC coin was mined at $73K, then it is not. We calculate this for each coin to find the total % that are in profit vs. not in profit.”
Ethereum (ETH) follows closely behind with 95.1% of its supply in profit, along with 86.8% of Chainlink’s (LINK). Additionally, 82.2% of Dogecoin’s (DOGE) supply and 78.8% of XRP’s supply have also experienced appreciation over time.
Cardano (ADA) holds the lowest ranking among these digital assets, with 53.5% of its supply currently profitable. Polygon (MATIC) fares even worse, with only 35% of its supply in profit. Santiment attributes this to MATIC’s introduction during the 2019 bear market, terming the period of MATIC’s launch as its “handicap.”
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