The market price of Bitcoin (BTC) has further pushed to a level of $65,000 today, with only about a 6% gap from the all-time high (ATH). The recent surge has turned many Bitcoin addresses that were bought at the peak of the previous bull market into profitable ones.
According to data tracked by analysis firm IntoTheBlock, currently over 97% of Bitcoin addresses on the chain are in a profitable state. This is the highest percentage since November 2021 when the Bitcoin market reached a high of $69,000. In other words, the majority of Bitcoin holders have purchased Bitcoin at a price lower than $65,000.
IntoTheBlock believes that this data is positive information for the market.
In a report released on Friday, IntoTheBlock stated:
“Bitcoin has risen 54% since the beginning of the year, mainly due to the impact of the approved US spot ETF in January, which ignited market demand. According to previous reports by Zombit, based on information shared by James Butterfill, research director at CoinShares, currently, Bitcoin produces approximately 900 Bitcoins per day, but the daily demand for newly issued spot Bitcoin ETFs reaches as high as 2,800 Bitcoins, which is three times the production volume, opening the door for Bitcoin to reach new highs.”
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