High Profit Supply Risk for Bitcoin, Ethereum, and XRP: Is a Correction Imminent?

Despite robust inflows into Bitcoin ETFs in the past week, the Bitcoin price remains under considerable selling pressure, experiencing a 7% decline over the same period. Currently, the BTC price hovers around the $42,750 mark, exhibiting limited movement despite the increased activity in Bitcoin exchange-traded funds.
Bitcoin’s Supply In Profit At Risk Levels
Santiment, an on-chain data provider, reports that Bitcoin (83%), along with other altcoins like Ethereum (84%), and XRPLedger (81%) currently exhibit historically high-risk profit levels. These figures surpass their average ranges of 55%-75%, dating back to 2018.
Despite the potential for further cryptocurrency ascent driven by increased exposure from ETFs and positive news, a key indicator for sustained long-term growth would be a drop below 75% of their supplies in profit, according to Santiment.

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