Post #15068

The chart below visualises the change in percent supply in profit over each calendar year since 2015. Whilst the delineation by year isn't perfect, the classic four year Bitcoin cycle allows us to spot some interesting patterns: 🟠 Bear Floor/Recovery sees the largest increase in supply in profit as coins capitulated near the lows return to profitable territory. 🔵 Early Bull Market where the general uptrend puts the majority of coins in profit, and rallies to new ATHs. 🟢 Euphoric Late Bull where the market is at ATHs, resulting in small positive, to negative readings since all coins are already in profit and the market nears exhaustion. 🔴 Primary Bear following the market peak, as significant volumes of coins fall into loss. Whilst simple in construction, this framework really highlights the similarities between 2015-16, 2019-20, and the progress of 2023 thus far. By Crypto Australia