Ethereum

Bitcoin

<ul> 
 <li>Bitcoin achieves a new local high at about $64,000, marking the highest profitability level since November 2021.</li> 
 <li>Over 97% of Bitcoin on-chain addresses are currently in profit, showcasing the cryptocurrency’s strong market position.</li> 
 <li>Despite the positive trend, long-term Bitcoin HODLers exhibit cautious behavior, hinting at potential market corrections.</li> 
</ul> 
<p><strong>In the wake of Bitcoin’s surge to a new local high, an impressive 97% of BTC addresses are now in profit, reflecting robust market health. However, the cautious stance of long-term holders signals mixed market sentiments.</strong></p> 
<h2 id="strong-unprecedented-profitability-levels-strong"><strong>Unprecedented Profitability Levels</strong></h2> 
<p>As Bitcoin sets a new benchmark, surpassing the $64,000 mark, its on-chain dynamics reveal a significant milestone. According to IntoTheBlock’s latest report, more than 97% of Bitcoin addresses have reached profitability, a figure not seen since the cryptocurrency neared its all-time high of $69,000 in November 2021. This peak in address profitability underscores the substantial gains Bitcoin investors have realized, aligning with the cryptocurrency’s remarkable recovery and growth trajectory over the past months.</p> 
<h3 id="strong-rising-commissions-and-withdrawals-from-exchanges-strong"><strong>Rising Commissions and Withdrawals from Exchanges</strong></h3> 
<p>Accompanying Bitcoin’s price surge is an uptick in transaction fees, which have risen by over 20.86%, indicating increased network activity and demand for transaction processing. Furthermore, the trend of Bitcoin and Ethereum holders withdrawing their assets from centralized exchanges, with over $1.7 billion worth of BTC and ETH leaving CEXes in the last week, suggests a bullish sentiment among investors. This withdrawal can be interpreted as a move towards self-custody in anticipation of further price appreciation or as a strategy to reduce reliance on centralized platforms.</p> 
<h2 id="strong-long-term-holder-sentiments-and-correction-signals-strong"><strong>Long-term Holder Sentiments and Correction Signals</strong></h2> 
<p>Despite the positive momentum, the behavior of Bitcoin HODLers, those who have held their assets for at least a year, indicates a cautious outlook. With over 69% of Bitcoin’s available supply held by long-term investors, and a notable peak in this metric during January-February 2024, there is speculation that some may be preparing to take profits in anticipation of a potential correction. Major Bitcoin analysts have echoed this sentiment, issuing warnings of a possible 20-25% price drop in the coming weeks. This cautious stance among HODLers highlights the ever-present volatility and uncertainty in the cryptocurrency market, even amidst periods of strong gains.</p> 
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>Bitcoin’s recent ascent to a new local high, accompanied by unprecedented profitability for the majority of its addresses, illustrates the vibrant and dynamic nature of the cryptocurrency market. However, the cautious behavior of long-term investors serves as a reminder of the potential for sudden market shifts. As the landscape evolves, both bullish trends and cautionary signals from seasoned HODLers will shape Bitcoin’s path forward, underlining the importance of vigilant market analysis and strategy adaptation for investors.</p> 
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<p>The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-hits-local-high-with-97-of-addresses-in-profit-a-look-into-hodler-sentiments/">Bitcoin Hits Local High with 97% of Addresses in Profit: A Look into HODLer Sentiments</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>

Bitcoin Hits Local High with 97% of Addresses in Profit: A Look into HODLer Sentiments

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