Bitcoin Rally Leaves More Than 97% of Addresses in Profit, Blockchain Data Show
Bitcoin's recent bullish momentum has resulted in over 97% of Bitcoin-holding blockchain addresses having unrealized gains on their investments, the highest proportion since November 2021. This is based on data from analytics firm IntoTheBlock, which states that an address is "in the money" when the going market rate of Bitcoin is above the address's average acquisition cost. The firm suggests that this data has bullish implications for the market, as the selling pressure from users trying to break even is no longer significant. Bitcoin has increased by 54% this year, following a 154% gain in 2022, largely due to strong inflows into U.S.-based spot exchange-traded funds approved in January. This has skewed demand-supply dynamics in favor of the bulls, potentially leading to a new record high.
