Flow

Bitcoin ETF

Bitcoin

Strong

April

Bitcoin is <a href="https://www.newsbtc.com/news/bitcoin-back-above-48000-is-this-level-the-springboard-to-52000/" target="_blank" rel="noopener ">edging closer to the $50,000</a> mark after a week of <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-flies-above-46500-watch-extreme-greed/" target="_blank" rel="noopener ">extreme bullish price action</a>, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%. 
According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches. 
<h2 id="b-91-of-bitcoin-addresses-now-in-profit-as-price-nears-50-000-b">91% Of Bitcoin Addresses Now In Profit As Price Nears $50,000</h2> 
Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US. 
Notably, <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noopener nofollow">IntoTheBlock’s </a>“Global In/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-574520" src="https://www.newsbtc.com/wp-content/uploads/2024/02/a_9f1579.png?resize=739%2C279" alt="" width="739" height="279" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/a_9f1579.png?resize=739%2C279?w=739 739w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_9f1579.png?resize=739%2C279?w=460 460w" sizes="(max-width: 739px) 100vw, 739px" data-recalc-dims="1"> 
Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric which follows addresses that bought between $40,919.92 and $55,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the $50,000 mark, more and more addresses are likely to move into profit. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-574519" src="https://www.newsbtc.com/wp-content/uploads/2024/02/a_7cc81a.png?resize=761%2C287" alt="" width="761" height="287" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/a_7cc81a.png?resize=761%2C287?w=761 761w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_7cc81a.png?resize=761%2C287?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_7cc81a.png?resize=761%2C287?w=750 750w" sizes="(max-width: 761px) 100vw, 761px" data-recalc-dims="1"> 
<h2 id="b-bitcoin-set-to-keep-shining-b">Bitcoin Set To Keep Shining</h2> 
With over 90% of Bitcoin addresses now in profit and the price nearing $50,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over $44,000 on the weekly timeframe for the first time in the current market cycle.&nbsp; 
BitMEX Research <a href="https://x.com/BitMEXResearch/status/1756239419504316624?s=20" target="_blank" rel="noopener nofollow">recently reported</a> that spot Bitcoin ETFs now have over $10 billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace. 
<blockquote class="twitter-tweet"> 
 Bitcoin ETF Flow – 9th Feb 
 All data out. Strong day at $541.5m of net inflow 
 Invesco had an outflow, the first non-GBTC product to have an outflow day <a href="https://t.co/UCFDVAaKD3" target="_blank" rel="noopener nofollow">pic.twitter.com/UCFDVAaKD3</a> 
 — BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1756239419504316624?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 10, 2024</a>
</blockquote> 
Another catalyst for a sustained price increase is the upcoming halving. <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-100000-not-far-of/" target="_blank" rel="noopener ">Historically</a>, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching $60,000 before the next halving in April and $100,000 before the end of the year. 
Featured image from Adobe Stock, chart from TradingView

Bitcoin Price Nears $50,000 Milestone Again With 91% Of Addresses Now In Profit

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