🇺🇦 The ratio of "profitable BTC supply" to the total UTXO value is 94.98% - a very high figure that indicates a high number of BTC holders with unrealized profits.

📈 This indicator is used to identify the tops and bottoms of a long-term cycle and is currently at the level of the 2019 echo bubble and the beginning of the 2020 sideways market.

🔝 Only three times was the indicator higher: during the rally to the top in 2017, 2021 and the absolute maximum in 2021.

💰 Aggressive investments by institutional investors this year can keep the indicator at a high level, as in 2017 and 2021.

❗ However, in my opinion aggressive investments should be avoided as there may be price fluctuations.