Bitcoin Rally Leaves More Than 97% Of Addresses In Profit
Bitcoin’s recent bullish momentum has led to over 97% of BTC addresses being “in the money,” the highest proportion since November 2021.
This is because the going market rate is above the address’s average BTC acquisition cost, meaning most holders acquired their BTC below the current price of about $65,000.
IntoTheBlock, an analytics firm, stated that the selling pressure from users attempting to break even no longer has a significant effect on the market.
Newcomers entering the market to purchase coins are buying from existing users who are already realizing a profit.
Bitcoin has risen 54% this year, extending 2022’s 154% gain, mainly due to strong inflows into U.S.-based spot exchange-traded funds approved in January.
(With inputs from Shikha Singh)
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