Bitcoin (BTC) Addresses in Profit Tops 90% as Price Eyes $50K

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12 Feb 2024

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Bitcoin (BTC) Addresses In Profit Tops 90% As Price Eyes $50K

Bitcoin (BTC) Addresses in Profit Tops 90% as Price Eyes $50K

Bitcoin (BTC) addresses in profit has topped 90% with less selling pressure ahead as the coin strives to retest the $50,000 level
By Godfrey Benjamin1 day ago

STORY HIGHLIGHTS

More than 90% of all Bitcoin addresses are now in profit
The coin has grown remarkably with bulls setting sight on $50,000 level
Institutional HODLers like MicroStrategy continue to shape sentiment

The volume of Bitcoin addresses in profit has increased significantly and is currently around 90%.

Bitcoin Addresses Keeps Growing

Amongst several cryptocurrencies, BTC has successfully stood out as its total addresses within its network that are profitable now surpasses the 90% threshold. Precisely, Bitcoin’s profitability now places a total of 46.67 million addresses in the money, per the profitability designation by crypto analytics platform IntoTheBlock.
On the other hand, there are 3.81 million addresses out of the money representing 7.35% of the total addresses.
Similarly, 1.35 million addresses (2.60%) are at the money or break-even point. Some recent events including the launch of spot Bitcoin ETFs are believed to have contributed significantly to the surge in Bitcoin addresses’ profitability. Since the United States Securities and Exchange Commission (SEC) approved the offering, many institutional investors have delved into the niche.
In the last few days, more retail and institutional investors have shown interest in spot BTC ETFs especially with the recent surge in BTC price. Consequently, this contributed to a net inflow of $541.5 million on February 9.

The Emergence of Institutional HODLers

At the time of this writing, BTC was trading at $47,259.87 with a 0.10% increase within the last 24 hours and it is steadily moving towards $50,000. Potentially, a surge in the profitability of Bitcoin addresses could lead to traders HODLing their Bitcoin holdings and as such, temporary selloff pressure will not be in the market.
Some market experts strongly believe that a bull market is inevitable at this point.

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Markedly, institutional HODLers are gradually emerging and establishing their position in the Bitcoin market. A typical example is the numerous institutions delving into spot Bitcoin ETFs.
Business intelligence software company MicroStrategy recently increased its Bitcoin holdings to 190,000 BTC after purchasing 850 units in January and is still keen on buying more of the flagship cryptocurrency. Seeing that there seem to be prospect in this ecosystem, it is likely that more institutional investors will emerge in the coming months.

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Bitcoin Could Be Headed For Major Shift With The Recent Surge

Bitcoin Could be Headed for Major Shift With the Recent Surge

With a recent uptick, Bitcoin's future looks bright as analysts predict a shift driven by ETF introductions and the upcoming BTC halving.
By Maxwell Mutuma1 day ago

STORY HIGHLIGHTS

Bitcoin has experienced a significant bullish surge, drawing worldwide attention from investors and market analysts.
A legendary Bitcoin trader, John Bollinger, provides insights on BTC's current trends, indicating a sustained bullish momentum.
Despite a minor decline, Bitcoin's year-to-date performance shows an impressive increase of over 11%.

Bitcoin (BTC) has experienced a significant bullish surge, capturing the attention of investors and market analysts alike. This recent uptrend has prompted discussions regarding the potential for a major shift in Bitcoin’s market dynamics.

Among the voices contributing to this conversation is John Bollinger, a legendary Bitcoin trader renowned for his expertise in market analysis. Bollinger’s insights, particularly regarding the current trends observed in the BTC/USD trading pair, have added depth to the ongoing discourse about Bitcoin’s future.

Analyzing the Current Trend

Using his eponymous Bollinger Bands (BB), John Bollinger highlighted that Bitcoin is currently trading at the upper end of these bands. This observation is critical as it suggests a sustained bullish momentum in the short term.

$BTCUSD The expectation should now be for a walk up the upper band until a divergence is detected. https://t.co/xlWkqF6ryG
— John Bollinger (@bbands) February 9, 2024

However, Bollinger also cautioned about a potential divergence in the future, indicating that the current euphoria might lead to a corrective phase in BTC’s price trajectory. Despite a slight decline of 0.77% in the past 24 hours, BTC’s year-to-date performance remains robust, with an increase of over 11%, currently priced at $47,213.46. The focus now shifts to whether it can surpass its yearly high of $48,969.37, a level that market participants are keenly watching.

The Driving Forces Behind Bitcoin’s Surge

Several factors contribute to the optimistic outlook for BTC. Notably, the cryptocurrency has demonstrated resilience in the face of various internal and external pressures, suggesting a potential for further gains. Experts like John Bollinger and Samson Mow, CEO of the Jan3 investment vehicle, have expressed bullish sentiments, with Mow projecting a long-term target of $1 million for BTC. This ambitious forecast is grounded in two pivotal developments within the Bitcoin ecosystem: spot BTC ETF product introduction and anticipation of the next Bitcoin halving event.
The significance of these events cannot be overstated. Spot BTC ETFs are expected to enhance Bitcoin’s accessibility and attractiveness to a broader range of investors, potentially leading to increased demand. Meanwhile, the halving event, a mechanism that reduces the block rewards for miners, will likely decrease BTC’s new supply. These factors are poised to create a supply crunch that, coupled with rising demand, could propel Bitcoin’s price to unprecedented levels.
Read Also: Bitcoin ETF Records Huge Net Inflow of $542 Million, Experts Reveals What’s Next?

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