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These Bitcoin metrics signal potential bull run as…

  • Bitcoin’s Realized Cap stabilizes and shows positive signs, potentially driving a bull run.
  • BTC miners enjoy profitable returns while the cryptocurrency’s price experiences a slight loss in recent trading.

Bitcoin’s price has been on a rollercoaster ride lately, showing signs of volatility over the past few months. However, amidst these fluctuations, there were some encouraging developments to note.

Recent data suggested that BTC was experiencing a positive shift in one of its crucial metrics. This improvement could potentially play a significant role in driving its bull run.

Bitcoin Realized Cap flashes positive

The Bitcoin Realized Cap, an essential metric in on-chain analysis, holds significant importance as it serves as the on-chain counterpart to Market Cap. It evaluates the value of each coin in circulation based on its last on-chain movement.

After experiencing a notable outflow of capital, the Bitcoin Realized Cap has now stabilized and is starting to witness a net inflow of capital once again. 

Source: Glassnode

However, compared to previous bull market conditions, this trend was still in its early stages, both in terms of duration and magnitude, as indicated by the recent Glassnode chart. Examining the Net Position Change of the realized BTC market cap revealed that it was currently positive but fading.

As of this writing, the Relative Net Position change stood at approximately 1.19%. Moreover, the Realized Cap remained consistent at over $391.7 million for the past month.

Percent Supply in profit sees an uptrend

As the Realized Cap showed positive developments after over a year of being below it, the Bitcoin Percent Supply in Profit also experienced some upward movement.

Analyzing the chart based on Glassnode data, this metric initiated an upward trend at the beginning of the year, reversing the decline observed in the previous year.

As of this writing, the Percent Supply in Profit stood at over 68.4% based on the current spot price. 

Bitcoin supply in profit

Source: Glassnode

While this signified a substantial profit level, it was still lower than the levels reached during the previous year before the decline occurred.

BTC miners enjoy profitable returns

Bitcoin miners have been experiencing a favorable trend in recent weeks, enjoying positive momentum. Despite the prevailing market conditions, Bitcoin miners have managed to maintain profitability.

According to a recent Glassnode chart, they collectively generated a noteworthy revenue of $24.1 million, which included earnings from the Block Subsidy and Transaction Fees. Considering an estimated production cost of $19.1 million, this translated to a net profit exceeding $5 million. 

Bitcoin miners revenue

Source: Glassnode

Given the sustained growth in 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 timeframe chart

Following a modest upward movement in Bitcoin’s price towards the end of trading on June 2nd, the cryptocurrency began the current trading period with a slight loss. As of this writing, it was trading at approximately $27,220, reflecting a minor decrease of less than 1%.

The volume indicator indicated a lack of significant activity in BTC’s movement, suggesting a relatively quiet market.

Additionally, BTC was trapped in a bearish trend, as indicated by its Relative Strength Index (RSI) line, which remained below the neutral line.

BTC/USD price move

Source: TradingView

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