Bitcoin

Ethereum

Crypto analytics firm IntoTheBlock revealed in its weekly newsletter that over 97% of Bitcoin holders are “in the money.” This level of profitability has not been seen since November 2021. During the last instance of such widespread profitability, Bitcoin&#39;s price was approximately $69,000, close to its all-time high. This significant percentage of profitable addresses reduces the impact of selling pressure from users looking to break even.The firm&#39;s methodology involves comparing the average purchase price of Bitcoin held in any address against its current market value. Addresses are classified as &#34;in the money&#34; if the current price of Bitcoin is higher than the average cost at which it was acquired. Conversely, if the current price falls below the average cost, the address is considered &#34;out of the money.&#34;For individuals new to the market, purchasing Bitcoin now means buying from existing holders who are in a position to realize profits. To assess the sustainability of this trend, IntoTheBlock states that is paying attention to the behavior of long-term Bitcoin holders, specifically those who have retained their coins for more than a year.These long-term investors, often referred to as &#34;Hodlers,&#34; hold around 13.6 million Bitcoin. They are recognized for their strategic market timing, typically buying as prices near the bottom of a cycle and selling as prices approach a cycle&#39;s peak. Despite their reputation for holding, there has been a slight decline in the collective balance of these investors since the beginning of the year.On Jan. 16, an indicator measuring the “Holding Time of Transacted Coins” reported an average holding period of over a year for transacted coins, marking the highest point since February 1, 2022. Another instance this year, on Feb. 19, also recorded transacted coins with an average holding time exceeding one year, highlighting the cautious approach of long-term holders amidst the current market conditions.

Over 97% of Bitcoin holders see profits, IntoTheBlock shows

First1Bitcoin

2024년 3월 1일에 게재된 다른 기사

SEC Initiates Sweeps and Investigations into AI Use

Ways to Earn Passive Income with ARKMining Cloud Mining (Make Money from Home)

Binance Ignites TON Token with 50x Leverage & Telegram Revenue Sharing

Crypto Exchanges Lose $908 Million Ethereum in Surprising Twist

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

Breaking: Elon Musk Sues Sam Altman & OpenAI Over Breach Of Agreement

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!