Bitcoin Holders: Majority “In the Money” with Strong Momentum
Bitcoin (BTC) is currently trading at $34,795, demonstrating a significant upward trend for the leading cryptocurrency. In fact, it has gained over 25% in just one week.
According to data retrieved by Finbold from IntoTheBlock on October 25, a staggering 82% of all crypto wallet addresses holding Bitcoin are currently “In the Money”. This means that these holders have made profits on their investments. On the other hand, 11% of Bitcoin holders are experiencing unrealized losses, while 7% are in a breakeven position.
It is interesting to note that only 11% of all Bitcoin holders fall into the categories of “Investors” and “Whales”, as classified by IntoTheBlock. These categories represent addresses holding more than 0.1% and 1% of Bitcoin’s circulating supply, respectively.
The majority of Bitcoin holders, accounting for 70%, are long-term holders who acquired their coins over a year ago. Additionally, 24% have been holding their coins for 1 to 12 months, and 6% are short-term holders who recently purchased their balances.
While many holders are currently “In the Money” or at a breakeven position, there is a possibility that some may choose to sell their holdings to secure profits or protect against potential losses if market sentiment turns bearish.
Trend Signals Indicate Continued Bullish Momentum
However, trend signals from IntoTheBlock suggest that the bullish momentum for Bitcoin may continue for some time.
The consolidated signal indicates a “Mostly Bullish” trend, with 3 out of 7 signals pointing towards continuation. Two signals indicate a neutral sentiment, while two suggest a bearish pivot.
One of the bullish signals is the sudden increase in the number of “In The Money” holders. Additionally, there is an imbalance favoring “buy orders” on exchanges, as well as a surge in derivatives. The current Open Interest volume for Bitcoin has even surpassed levels seen in August, further validating the ongoing trend.
Hot Take: Bitcoin Holders Enjoy Profitable Positions with Potential for Further Growth
Bitcoin holders are currently in a favorable position, with a large majority experiencing profits or being at a breakeven point. This strong momentum and bullish trend signal from IntoTheBlock suggest that Bitcoin’s price may continue to rise in the near future.
However, it is important to monitor market sentiment and be prepared for any potential shifts. While the majority of holders are likely to hold onto their coins for the long term, some may choose to sell to secure profits or minimize losses if market conditions change.
If you are a Bitcoin holder, it may be wise to stay informed and make informed decisions based on market trends and your own investment goals. As always, do your own research and consult with financial professionals before making any investment decisions.
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