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Analytics firm IntoTheBlock reports that more than 97% of Bitcoin addresses are now “in the money,” indicating substantial unrealized gains for investors. This marks the highest proportion since November 2021, when Bitcoin surged to a record high of $69,000. With Bitcoin currently trading around $65,000, most holders acquired their BTC at prices lower than the present market rate, driving the bullish sentiment. IntoTheBlock suggests that this data signals reduced selling pressure from users aiming to break even, paving the way for new market entrants to buy from existing users at a profit. Bitcoin’s impressive performance, up 54% this year and extending 2022’s 154% gain, is attributed to strong inflows into U.S.-based spot exchange-traded funds approved in January. The embrace of spot ETFs by Wall Street has tipped demand-supply dynamics in favor of bulls, potentially propelling Bitcoin to a new record high. This optimism is reflected in the broader crypto market’s rise, with the CoinDesk 20 Index up 37.8% this year.
