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The <a href="https://coingape.com/markets/how-low-bitcoin-price-may-plunge-amid-market-correction/" rel="noopener noreferrer nofollow">long slump</a> in the price of Bitcoin (BTC) over the past few days has triggered a reversed growth in the premier coin’s profitability overall. Compared to a few weeks ago, the number of profitable addresses on the network is now less than 100%.
<h2 id="strong-bitcoin-btc-recording-sliding-metrics-strong">Bitcoin (BTC) Recording Sliding Metrics</h2>
Besides the price of the cryptocurrency which has dropped to $67,237.24, down by 1.21% in the past 24 hours and by more than 3% over the past week, other important growth metrics are down as well. Per data from the crypto analytics platform IntoTheBlock, the drawdown in the price of the coin has triggered a drop in the Daily Active Address (DAA) by 4.02% to approximately 930,730.
The major highlight is the slip in profitability. Per the IntoTheBlock data, the number of addresses “In the Money” comes in at 50.1 million, accounting for 96.39% of the total in the network. This is a significant plunge from the 100% recorded when the premier coin jumped to an <a href="https://coingape.com/bitcoin-btc-price-breaches-above-71k-eth-new-high/" rel="noopener noreferrer nofollow">All-Time High</a> (ATH) above $73,000 over the past week.
<figure id="attachment_186418" aria-describedby="caption-attachment-186418" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-186418" src="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit.jpg" alt="" width="1624" height="505" srcset="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit.jpg 1624w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit-300x93.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit-1224x381.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit-768x239.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit-1536x478.jpg 1536w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-Profit-150x47.jpg 150w" sizes="(max-width: 1624px) 100vw, 1624px">
 <figcaption id="caption-attachment-186418" class="wp-caption-text">
 Bitcoin profitability chart. Source: <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank">IntoTheBlock</a>
 </figcaption>
</figure>
The number of addresses “Out of the Money” comes in at 870,100 or 1.67% of the total registered on the network. Addresses “at the money” or breakeven point come in at 1.01 million or 1.94% of the sum on the network.
To return to the point where the Bitcoin profitability will return to the 100% mark, the price will have to retest the $68,992.54 to $72,500.92 range. As the IntoTheBlock data showed, as many as 877,770 BTC were stacked up by more than 870,000 addresses, pegging this range as the ultimate resistance point.
<h2 id="strong-whale-interest-and-volume-slumps-strong">Whale Interest and Volume Slumps</h2>
Amid the Bitcoin rally, the actions of whale buyers were very prominent. Besides BlackRock and other <a href="https://coingape.com/bitcoin-etf-records-2-5b-weekly-inflows-btc-price-correction-looms-near-fomc/" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> issuers making large daily accumulations, MicroStrategy also doubled down on its accumulations over the past weeks.
However, at this time, data from IntoTheBlock reveals that large transactions worth $100,000 and above have slumped by 46.98% at the time of writing. The volume has now dropped to $41.32 billion as of March 16, down from $116.22 billion recorded on March 13.
These sliding metrics show that the sentiment in the market is low. However, analysis indicates that this bearish twist is a <a href="https://coingape.com/markets/btc-ada-bome-price-prediction-as-retracement-to-crypto-rebound/" rel="noopener noreferrer nofollow">healthy correction</a> that might help usher in an epic rebound in the near term. With the spot Bitcoin ETF and halving sentiment on the horizon, Bitcoin price might have found an <a href="https://coingape.com/bitcoin-btc-price-slumps-to-65k-liquidations-tops-426m/" rel="noopener noreferrer nofollow">anchor around the $65,000 price level</a>.
The post <a href="https://coingape.com/bitcoin-btc-profitability-drops-as-whale-transactions-slump-46/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Profitability Drops as Whale Transactions Slump 46%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin (BTC) Profitability Drops as Whale Transactions Slump 46%

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