The number of Bitcoin on-chain addresses in profit has surged significantly, coinciding with attempts for the price to recover to previous highs.
Bitcoin Profitability Statistics
According to IntoTheBlock, the number of addresses holding BTC that are in profit has surged over the past month. About 50.63 million addresses are in the money, representing 93.6% of all addresses. Breaking even addresses number 3.41 million, or 6.31%, with none in loss. This proves holding BTC is worthwhile even as the coin remains 10.5% below its all-time high of $108,239.
Bitcoin Whales and Small Holder Selloff Trend
While most BTC holders are profitable, a correction may loom, as warned by major analysts and investors. Data from IntoTheBlock shows large transactions have increased by 34.73% in the past 24 hours, with 626,290 BTC shifted. Meanwhile, a CryptoQuant analyst noted wallets with 10-100 BTC have sold coins actively for over a year, decreasing their balance by 370,000 BTC.
Has Bitcoin Price Found its Bottom?
As of this writing, BTC's price stands at $96,824, up 4.5% in the last 24 hours. Despite this rebound, the price is still down 1.8% weekly. Analysts, including Tom Lee from Fundstrat Capital, predict further price drops. However, some experts argue that a breakout above $95,000 could reignite bullish sentiments.
Current data shows the majority of Bitcoin addresses are in profit despite correction risks. The behavior of large investors and analysts' forecasts point to potential future changes.
