Bitcoin Surge: 88% of BTC Circulating Supply in Profit as Market Eyes New Support at $75,000-$95,000

COINOTAG News reported on May 6th that the latest Glassnode data indicates an intriguing shift in Bitcoin’s market dynamics. Currently, with Bitcoin priced at $94,100, a striking 88% of its circulating supply is yielding profits, while the bulk of incurred losses is seen among investors who entered the market between $95,000 and $100,000. Analysts suggest that the $75,000 to $95,000 price band may establish a new supportive structural bottom for Bitcoin.

On-chain metrics reveal that the MVRV ratio (Market Value divided by Realized Value) has returned to a long-term average of 1.74, a level of support observed since January 2024. Additionally, the NVT ratio (Network Value to On-Chain Transaction Volume) stands at a neutral point of 0.5, showing improvement from prior overbought conditions earlier in February 2025. The trend indicates a strengthening of the HODLing mentality among Bitcoin holders, with a notable reduction in the ratio of centralized exchange inflow/outflow compared to on-chain activities, which underscores the potential sustainability of the current uptrend.

Moreover, selling pressure appears to be subsiding, as market participants increasingly regard the $75,000 to $95,000 range as undervalued rather than a sell point, reinforcing a generally bullish outlook. This trend has been supported by a decrease in profit-taking activities at current price levels, which may further solidify the evolving bull market structure. Such adjustments in the MVRV ratio often lay the groundwork for upcoming growth phases.