A peculiar Glassnode metric is the most recent to remind us that the price of Bitcoin has increased
Here is another metric that describes the recent success of Bitcoin, according to the Glassnode analysis website: „98% of all unspent Bitcoin transactions (UTXOs) are currently in profit“.
„A level not seen since December 2017, and typical previous bitcoin highs,“ Glassnode said in its tweet.
What does that mean? Is that good for Bitcoin?
What this metric describes is that almost all of the Bitcoins that are in the portfolios now would be sold at a profit when compared to the value of the Bitcoin when it entered those portfolios.
An unspent transaction, or UTXO, refers to the Bitcoin that you have the right to sell. If you send a Bitcoin to a person, they will receive the right to a Bitcoin transaction, which until it is moved, it is considered „not spent“, so the name.
Glassnode metrics are an indirect way of making it clear that most of the money in the Bitcoin portfolio can be sold at a profit.
This week bitcoin has exceeded $13,000, a new high since the end of June. In Brazil, BTC’s price broke the all-time record after surpassing R$70,000, driven by the sharp devaluation of the Real.