Bitcoin's 88% Profitability at $94,100 Signals Bullish Trend

At the current price level of $94,100, 88% of Bitcoin's circulating supply is in a state of profit, according to data from Glassnode. The losses are primarily concentrated among buyers who purchased Bitcoin in the $95,000-$100,000 range. This price range of $75,000-$95,000 may become a new structural bottom for Bitcoin.

On-chain metrics indicate that the MVRV ratio (Market Value/Realized Value) has returned to its long-term average of 1.74, which has been acting as support since January 2024. Additionally, the NVT ratio (Network Value/On-Chain Transaction Volume) is currently at a neutral level of 0.5, showing a significant improvement from the overbought signal observed at the same price level in February 2025.

Bitcoin holders are exhibiting a stronger HODLing mentality, as evidenced by a decrease of 1.5 times in the CEX inflow/outflow volume ratio to on-chain activity. This trend confirms the sustainability of the current uptrend. Market data also suggests that selling pressure is diminishing, with investors viewing the $75,000-$95,000 range as undervalued rather than an exit opportunity. This aligns with the overall bullish sentiment in the market.

Profit-taking by investors at the current price level is decreasing, which could further solidify the current bull market structure. The cooling-off phase of the MVRV ratio often sets the foundation for subsequent growth, indicating a potential for further price appreciation in the future.