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Bitcoin: 98% of holders are profitable as the price of the digital currency approaches its highest levels ever seen

I witnessed Bitcoin Currency (BTC)) has recently soared, reaching its highest level in six months. According to new data, this rise has helped the vast majority of Bitcoin owners record profits on their investments.

According to Data According to analytics firm IntoTheBlock, more than 98% of Bitcoin addresses are now “in the money” (sometimes literally translating this term as “in the money”).

This is the highest percentage of this indicator since November 2021, when the largest cryptocurrency by market capitalization reached an all-time high of around $69,000.

Which Bitcoin addresses are classified as “profitable”?

The term “in the money” has its origins in the options market. But it can be used in a similar sense in the cryptocurrency market.

In the context of futures contracts, "in the money" means that the option contract has an internal value. For a call option, it is "in the money" if the stock price is above the strike price. For a put option, it is "in the money" if the stock price is lower than the strike price.

In Digital Currency MarketThis term can be used metaphorically to refer to a currently profitable investment or business position.

In other words, if you buy a cryptocurrency, its value increases. Your investment can be considered “in the money” because it is now worth more than what you bought it for.

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Addresses are considered “profitable” when the current market price of Bitcoin is higher than the average cost of purchasing BTC for those addresses.

In other words, most Bitcoin holders bought the digital currency for less than its current price of around $65,000.

What are the implications?

Data analysis indicates that this rise could have a positive impact on the Bitcoin market.

IntoTheBlock said, once the negotiation was completed BTC Nearly $62,000: “Due to the high percentage of profitable addresses, the selling pressure of users trying to break even no longer has a significant impact. »

“For new entrants entering the market to buy cryptocurrencies. They mainly buy from existing users who are already making profits,” IntoTheBlock added.

Bitcoin has risen By 54% this year, extending the 154% gain recorded in 2022. This is mainly due to strong inflows into the US cash ETFs approved in January.

Wall Street's adoption of spot ETFs has tilted the supply and demand dynamic in favor of speculators. Which opened the door to an increase that could push it to a new record.

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