Bitcoin addresses are found to be profitable by 93% as they are aggressively accumulated by miners. 😮

Bitcoin Addresses Show Profitability

Bitcoin is currently stable, slightly down from its all-time highs, presenting an opportunity for those looking to enter or expand their positions.

On July 22, data from IntoTheBlock reveals that 93% of Bitcoin addresses are currently in profit at current market rates.
This indicates a significant recovery from the major sell-off in June and early July 2024, where prices plummeted to as low as $53,500 before rebounding.

As the market stands, only a minority of Bitcoin holders are in a loss position, likely from purchases made near all-time highs, anticipating a swift move to $100,000.

Bitcoin experienced a 21% decline from its peak to the July 2024 lows before beginning its recovery, leading some investors to exit at a loss.

Bitcoin Holders Regain Confidence

The recent surge in Bitcoin prices above $67,000 has instilled optimism among holders, particularly short-term investors (STHs).

STHs, defined as entities that acquired Bitcoin within the last 155 days, saw profitability as prices surpassed $63,000, alleviating selling pressure in the market.

Miners’ Bitcoin Accumulation Signals Uptrend

Notably, as Bitcoin ascends, miners are increasingly holding onto their coins rather than selling them, hinting at a positive outlook for the digital asset.

Miners, such as Mara Digital and Riot Blockchain, accumulated more than 4,500 BTC in just three weeks, showcasing firm belief in Bitcoin’s future prospects.
Investors have responded positively to these developments, with both MARA and RIOT stocks rising by over 30% in a week, reflecting growing confidence in mining companies.

Moreover, entities holding significant amounts of Bitcoin, specifically over 1,000 BTC, are ramping up accumulation efforts, reaching a two-year high by July 19.

Additionally, the Bitcoin Market Value to Realized Value (MVRV) ratio, a metric used to measure profitability, is on the rise. Analysts observe that as of July 22, the MVRV is rebounding from its one-year moving average, confirming the validity of Bitcoin’s uptrend.

Trend Analysis and Confidence Boost

Bitcoin is firm when writing, floating higher and above $60,000. Even as the uptrend appeared labored and momentum waning, there are signs that all is well, at least from the profitability angle.