2023-12-05 17:38:33
The price of bitcoin continues to soar, at the time of writing ( BTC PRICE ) it is already touching the level of $42,500, gaining more than 2% in 24 hours. Experts continue to see the likely US spot Bitcoin ETF approval driving the price higher along with the 2024 Bitcoin halving event. And the rush paid off: more and more bitcoin holders are “in the green”, i.e. in profit. The fact that more and more bitcoin holders are in profit is also a danger. According to data from IntoTheBlock, 88% of Bitcoin holders currently have unrealized profits. This metric shows what percentage of crypto wallets received bitcoins at a price lower than the current exchange rate. According to the distribution of the remaining 12%, 1% bought BTC at roughly the current rate, while 11% are still at a loss. What is interesting is that 69% of investors and owners are long-term bitcoin owners, i.e. they have owned the coins for more than 1 year. 31% of investors have held BTC for less than 1 year, while 7% have held BTC for less than a month. 11% of all BTC in circulation are owned by “big holders”. They are the ones who own more than 0.1% of the total supply. What is interesting, however, is that according to IntoTheBlock, the majority of Bitcoin indicators indicate a bear market. For example, the Net network growth and Large transactions indicators also show a bear market mood. The former looks at the number of non-zero addresses, while the latter looks at the number of transactions greater than $100,000. The greater the number of BTC holders who are in profit, the greater the chance of a trend reversal. After all, with such large numbers, the chance that sooner or later the investors will get out and realize the profit increases. And if they get out, they put the price under selling pressure. Of course, these are just guesses, the fact is that there is still serious confidence in Bitcoin and a fairly massive trend is visible on the market.
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#BTC #holders #profit