Here’s Bitcoin Address Profit Percentage After $67,000 Increase: ITB

Bitcoin’s recent uptrend and rise to the $67,000 level has put many investors in the money, with most addresses containing the major cryptocurrency flashing green.

A tweet from IntoTheBlock has revealed that 93% of addresses that hold BTC are making a profit again. Historical data from the chain intelligence platform shows that Bitcoin holders have reached this profit level repeatedly over the past few months, reinforcing the belief that the market is still in its bullish phase.

93% of Bitcoin addresses in the money

Since July 12, BTC has seen substantial gains, rising roughly 20% from $56,000 to its current trading value of around $67,000. Before settling at this level, the crypto asset touched a six-week high of $68,400 amid a favorable shift in market sentiment.

In the weeks leading up to BTC breaking its 125-day low of $60,200, the asset fell to the $53,000 level due to a number of factors, including massive selling by major entities such as the German government and fear , uncertainty and doubt (FUD) related to the possible impact of distributions to creditors of the defunct crypto exchange Mt Gox.

As wallets holding the German government’s BTC ran out of assets to sell, market sentiment turned around and bitcoin recovered. The asset has risen almost 9% in the past week, and demand has also increased.

Demand for Bitcoin is increasing

A separate tweet from IntoTheBlock noted that the number of bitcoins in addresses holding 1,000 or more BTC has reached a two-year high, indicating persistent accumulation among this cohort of investors.

Increased demand is also evident in U.S.-based Bitcoin exchange-traded funds (ETFs), which have been on an 11-day inflow streak since July 5, racking up $1.24 billion in flows positive last week.

Further evidence that the crypto market has recovered is the increase in retail trading, which has been fueling the weekend rallies and driving positive momentum into the new weeks. Analysts at cryptocurrency exchange Bitfinex highlighted this trend last week, revealing that crypto markets have mostly experienced a notable recovery during weekends over the past three months.

While some analysts expect a bullish push this week due to various macroeconomic factors, especially in the US, others believe the market is still prone to corrections because it is in a news-driven environment.

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