The amount of Bitcoin circulating at profitable values is higher than it’s been since BTC reached its all-time high in Nov. 2021.

More than 91% of the circulating supply of Bitcoin is in profit as of Wednesday afternoon, according to blockchain analytics firm Glassnode. 

Coins are “in profit” when the price at the time they last moved is lower than its current price. 

There are almost 19.6 million Bitcoins currently circulating, data from CoinGecko shows.

The wallet of pseudonymous Bitcoin creator Satoshi Nakamoto, which has remained inactive since the creator disappeared in 2010, holds 99.69 BTC, according to crypto statistics website BitInfoCharts. 

At the start of the 2023, 52% of BTC’s circulating supply was in profit. Today’s 91% is a level not seen since Nov. 2021, the month when the cryptocurrency reached its all-time high of $69,000. 

The increase in the amount of BTC’s circulating supply in profit comes as the crypto ecosystem is waiting for the U.S. Securities and Exchange Commission’s imminent approval of spot Bitcoin exchange-traded funds (ETFs). The crypto ecosystem is expecting massive inflows into these ETFs from everyday Americans to Wall Street heavyweights once the SEC announces its approval, as early as this afternoon.

Bitcoin, which has a market capitalization of $905 billion, is changing hands at $46,265 at the time of publication, a nearly 10% increase since the start of 2024 and a 167% jump since last year.