Glassnode reported 98% of Bitcoin UTXOs are profitable. UTXO or Unspent Transaction Outputs refers (tx short for transaction) to the amount of coins left after processing a transaction on the blockchain. When the transaction is finished, unspent outputs are placed back into a database and are marked as inputs for future transaction.
Essentially, Glassnode is saying that 98% of coins held as of October 21, 2020 are in a state of profit from which they were deposited in user’s wallets. Additionally, Glassnode also reports this percentage of profitable UTXOs has not been seen since December 2017, Bitcoin’s previous bullrun.
