Bitcoin

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<p>The cryptocurrency market has recently witnessed a significant uptick in Bitcoin's value, pushing over 83% of the digital currency into profitable territory, according to Glassnode <a href="https://twitter.com/glassnode/status/1727120058856657136">data</a>. This change comes as Bitcoin traded above $37,000 last week.</p>
<h2 id="accumulation-across-the-board">Accumulation across the board</h2>
<p>Investor behavior has seen a notable change with the recent Bitcoin rally. The Accumulation Trend Score, which uses a 7-day Simple Moving Average to enhance data clarity, reveals a robust accumulation pattern, unlike the earlier rallies of 2023.&nbsp;</p>
<p>Ths trend is evident in the dark colors on the chart, indicating a strong accumulation regime concurrent with a 39% price increase over the past month. A detailed analysis of different wallet sizes shows a significant rise in holdings across all investor cohorts since late October. This contrasts with the net outflows seen in several cohorts throughout much of 2023.</p>
<p>&nbsp;The anticipation of a spot <a href="https://u.today/bitcoin-etf-hype-reemerges-as-global-x-amends-filing">BTC ETF</a> and the market's strong performance are key factors contributing to this optimistic outlook.</p>
<h2 id="persistent-optimism">Persistent optimism&nbsp;</h2>
<p>The recent surge in Bitcoin prices has led to 83% of the total circulating supply being held in profit, a statistic significantly higher than the all-time mean of 74%.&nbsp;</p>
<p>This level is approaching the higher standard deviation band of 90%, often associated with the early stages of a bull market's "Euphoric phase."&nbsp;</p>
<p>On Tuesday, cryptocurrency markets experienced volatility following news of the DOJ's enforcement actions against Binance and Chanpeng Zhao's resignation. However, Bitcoin keeps <a href="https://www.coingecko.com/">hovering</a> above the $37,000 level. &nbsp;</p>

Over 83% of Bitcoin Now Profitable After Recent BTC Price Surge

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