tl;dr

Bitcoin is on the rise, approaching new all-time highs after exceeding $65K, and a recent report from CoinDesk shows that over 97% of bitcoin addresses are currently "in the money," indicating that most holders bought their BTC below the current market rate of $66.4K.This marks the highest proportio...

Bitcoin is on the rise, approaching new all-time highs after exceeding $65K, and a recent report from CoinDesk shows that over 97% of bitcoin addresses are currently "in the money," indicating that most holders bought their BTC below the current market rate of $66.4K.


This marks the highest proportion of profitable BTC addresses since November 2021, leading to decreased selling pressure from users attempting to break even. As a result, newcomers entering the market to purchase coins are essentially buying from existing users who are already realizing a profit. Robust inflows into U.S.-listed spot bitcoin exchange-traded funds have driven the token's 50.8% jump so far this year, adding to 2023's 165.1% surge.


With the majority of bitcoin addresses holding unrealized gains, the market is seeing a shift in dynamics that could have significant implications for future price movements and investor behavior.

Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 9 Nov 24
 9 Nov 24
 8 Nov 24