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.
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