• The current net unrealised profit/loss of all Bitcoin is 0.11 BTC, or $2,500.
• Two-thirds of the Bitcoin supply is currently in profit, despite prices remaining nearly 70% off all-time highs.
• On-chain analytics provide a wealth of interesting insight into the asset and its performance.
Bitcoin Unrealised Profit
The public ledger that is the blockchain allows us to explore analytics behind Bitcoin as an asset. Today, let’s take a look at what would be the total unrealised profit if all Bitcoins were sold right now.
Supply and Profit
The chart below plots the total supply of Bitcoin climbing towards its final supply cap of 21 million coins:
A Flourish map
It shows that despite the bear market, two-thirds of the total supply are in profit – likely suggesting that the total unrealised profit from selling all Bitcoin is positive.
Percentage in Profit
This can also be seen by looking at what percentage of the total supply is in profit:
A Flourish map
This shows that with two-thirds of the total supply in profit, it is likely that Bitcoin’s total unrealised profit is positive when everybody sells at current price.
Long Term Outlook
As an asset class, it remains to be seen whether or not Bitcoin will perform as a store-of-value – protecting one’s wealth over time – or if it will prove too volatile for long term investments. Nevertheless, on-chain analytics provides an interesting insight into this digital currency and its performance over time.
Conclusion
Today we have explored what would happen if everyone sold their Bitcoins today – finding out that there would likely be a positive unrealised profit if this happened. This suggests that although prices remain far below all time highs, two thirds of holders are still holding onto a profitable position within their coins which could indicate some level of confidence in them going forward.