Heres the Percentage of Bitcoin Addresses in Profit Following Surge to $67K: ITB
Bitcoins latest uptrend and surge to the $67,000 level have put many investors in the money, with the majority of addresses holding the primary cryptocurrency flashing green.
A tweet from IntoTheBlock has revealed that 93% of addresses holding BTC are in profit again. Historical data from the on-chain intelligence platform shows that Bitcoin holders have reached this level of profit repeatedly over the past few months, reinforcing the belief that the market is still in its bull phase.
93% of Bitcoin Addresses in the Money
Since July 12, BTC has recorded substantial gains, climbing roughly 20% from $56,000 to its current trading value of around $67,000. Before settling at this level, the crypto asset touched a six-week high of $68,400 amid a favorable shift in market sentiment.
In the weeks prior to BTC breaking its 125-day range low of $60,200, the asset fell to the $53,000 level due to several factors, including massive selling from large entities like the German government and fear, uncertainty, and doubt (FUD) related to the possible impact of distributions to the creditors of the defunct crypto exchange Mt Gox.
Since the wallets holding the German governments BTC ran out of assets to sell, market sentiment turned around, and bitcoin rallied. The asset has risen almost 9% in the past week, and demand has also picked up.
Bitcoin Demand Is Rising
A separate tweet by IntoTheBlock noted that the number of bitcoins in addresses containing 1,000 or more BTC has hit a two-year high, indicating persistent accumulation among this cohort of investors.
The increase in demand is also evident in United States spot Bitcoin exchange-traded funds (ETFs), which have been on an 11-day inflow streak since July 5, amassing $1.24 billion in positive flows last week.
Additional proof that the crypto market has been in recovery is heightened retail trading, which has been propelling weekend rallies and driving positive momentum into new weeks. Analysts at the crypto exchange Bitfinex highlighted this trend last week, revealing that crypto markets have mainly experienced notable recovery during weekends over the past three months.
While some analysts expect a bullish momentum this week due to several macroeconomic factors, especially in the U.S., others believe the market is still prone to corrections because it is in a news-driven environment.
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Text source: CryptoPotato
