- Bitcoin’s Realized Cap is stabilizing and showing positive signs, possibly triggering a bull run.
- BTC miners are enjoying profitable returns while the price of the cryptocurrency takes a small loss in recent trading.
The price of Bitcoin has been on a roller coaster lately, showing signs of volatility in recent months. However, amid these fluctuations, there were some encouraging developments.
Recent data suggested that BTC was undergoing a positive shift in one of its crucial metrics. This improvement could potentially play an important role in fueling the bull run.
Bitcoin Realized Cap Flashes Positive
The Bitcoin Realized Cap, an essential metric in on-chain analysis, is of great importance as it serves as the on-chain counterpart to Market Cap. It evaluates the value of each coin in circulation based on the latest on-chain movement.
After experiencing a notable outflow of capital, the Bitcoin Realized Cap has now stabilized and is once again starting to witness a net inflow of capital.
Source: Glassnode
However, compared to previous bull market conditions, this trend was still in its infancy, both in duration and magnitude, as evidenced by the recent Glasnode graphic. Examination of the net position change of realized BTC market cap revealed that it was currently positive but fading.
At the time of writing, the change in relative net position was approximately 1.19%. In addition, the cap realized last month remained consistent at over $391.7 million.
Percentage supply in profit sees an upward trend
As the Realized Cap showed positive developments after being below it for more than a year, the Bitcoin Percent Supply in Profit also moved upwards.
When analyzing the chart based on Glassnode data, this metric initiated an upward trend at the beginning of the year, reversing the previous year’s decline.
At the time of writing, the percentage offer in profit was over 68.4% based on the current spot price.
Source: Glassnode
While this represented a significant level of profit, it was still below the level achieved in the previous year before the decline.
BTC miners enjoy profitable returns
Bitcoin miners have experienced a favorable trend in recent weeks and are enjoying positive momentum. Despite the prevailing market conditions, Bitcoin miners have managed to maintain their profitability.
Together, according to a recent Glassnode chart, they generated a remarkable revenue of $24.1 million, including block grant revenue and transaction fees. Factoring in an estimated production cost of $19.1 million, this translated into a net profit of over $5 million.
Source: Glassnode
Given the continued growth of transactions on the Bitcoin network and an upward trajectory in price, there was potential for the profit margin to expand further.
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Bitcoin Daily timetable
After a modest upward movement in Bitcoin’s price towards the close of trading on June 2, the cryptocurrency started the current trading period with a slight loss. At the time of writing, it was trading at around $27,220, reflecting a minor decline of less than 1%.
The volume indicator pointed to a lack of significant activity in BTC’s movement, suggesting a relatively calm market.
In addition, BTC was stuck in a bearish trend, as indicated by the line of the Relative Strength Index (RSI), which remained below the neutral line.
Source: TradingView