The Growing Number of Profitable Bitcoin Addresses
The volume of Bitcoin addresses in profit has significantly increased, with over 90% of addresses now being profitable. According to crypto analytics platform IntoTheBlock, there are currently 46.67 million Bitcoin addresses in profit, representing the majority of the total addresses. On the other hand, there are 3.81 million addresses that are out of the money, accounting for 7.35% of the total.
Additionally, there are 1.35 million break-even addresses, making up 2.60% of the total. The recent launch of spot Bitcoin ETFs is believed to have contributed to the surge in profitability. With institutional investors showing interest in these ETFs, there has been a net inflow of $541.5 million on February 9.
The Rise of Institutional HODLers
Bitcoin is currently trading at $47,259.87 and is steadily moving towards $50,000. The increase in profitability may lead to more traders holding onto their Bitcoin holdings instead of selling them off temporarily.
Many market experts believe that a bull market is inevitable at this point. Institutional HODLers are emerging and establishing their position in the Bitcoin market, with companies like MicroStrategy increasing their Bitcoin holdings to 190,000 BTC.
This trend suggests that more institutional investors will likely enter the market in the coming months as they see potential in the cryptocurrency ecosystem.
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