Bitcoin (BTC) Addresses in Profit Surpass 90% as Price Targets $50K
The number of profitable Bitcoin addresses has seen a significant increase, reaching a level of over 90%. BTC has outperformed other cryptocurrencies, with a total of 46.67 million addresses now being profitable, as reported by crypto analytics platform IntoTheBlock. Conversely, there are only 3.81 million addresses, or 7.35% of the total, that remain unprofitable. Additionally, 1.35 million addresses (2.60%) are currently at the break-even point. The recent launch of spot Bitcoin ETFs has played a pivotal role in driving this surge in profitability, as institutional investors have shown growing interest since the SEC approved the offering. The interest in spot BTC ETFs has further intensified due to the recent price surge, resulting in a net inflow of $541.5 million on February 9.
While the profitability of Bitcoin addresses can vary over time, it remains a crucial metric indicating the network’s growth and overall health. Bitcoin’s price currently stands at $47,259.87, with a 0.10% increase in the last 24 hours, inching closer towards the $50,000 milestone. The rise in Bitcoin address profitability may encourage traders to hold onto their Bitcoin holdings, mitigating potential selloff pressure in the market. Market experts firmly believe that a bullish market is now inevitable. Institutional HODLers are also emerging, with notable examples such as MicroStrategy, which recently increased its Bitcoin holdings to 190,000 BTC and plans to acquire more in the future. The anticipation is that more institutional investors will enter the Bitcoin market in the months ahead, recognizing the promising prospects within this ecosystem.