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Bitcoin

91% Of Bitcoin Holders In Profit After $66,000 Rally, Data Shows

Keshav Verma
by Keshav Verma
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows around 91% of all Bitcoin holders have entered into the green following the latest rally towards the $66,000 level.

Bitcoin Has Enjoyed Sharp Bullish Momentum Recently

Bitcoin has kicked off the new week on a positive note as its price has surged around 4% to return to the same highs as back at the end of last month. The below chart shows how the cryptocurrency’s recent trajectory has looked.

Bitcoin Price Chart

The price of the asset appears to have been riding an uptrend in recent days | Source: BTCUSDT on TradingView

At the peak of this latest rally, Bitcoin had briefly touched the $66,500 mark, but since then, the coin has suffered a pullback, although the degree of it isn’t too significant as the price is still trading around $65,500.

Related Reading: Bitcoin Bulls Strike: $130M Crypto Shorts Liquidated As BTC Breaks $66,000

The recent surge of the asset would naturally have had an effect on the profitability of the investors, which on-chain data has confirmed.

An Overwhelming Majority Of BTC Investors Are Now Above Water

According to data from the market intelligence platform IntoTheBlock, 91% of the Bitcoin userbase is now carrying some unrealized profit. The analytics firm has shared how the various BTC price ranges are currently like in terms of the amount of investors who purchased their coins at them.

Bitcoin Profitability

The latest cost basis distribution on the BTC network | Source: IntoTheBlock on X

In the chart, the size of the dot corresponds to the amount of BTC that has its cost basis in the corresponding price range. It would appear that some large dots have turned green after the asset’s recent recovery, implying a large number of addresses have gone back into a net profit.

It’s also visible that the dots ahead aren’t too big, which makes sense given the fact that only 9% of the investors are still underwater. Such holders in loss can react to a retest of their cost basis by panic selling, so large demand zones above the asset’s price can be potential sources of resistance.

As the price ranges ahead don’t carry the cost basis of too many investors, though, any resistance that emerges may not be too notable. That said, this doesn’t mean BTC would have an easy time mowing through these last few levels on the way to the all-time high.

When a high amount of investors get into profits, the risk of a mass selloff taking place with the motive of profit-taking can become significant. As such, even though resistance ahead appears to be weak, Bitcoin could still have trouble reaching a new high given that 91% of the investors are sitting on gains.

Related Reading: Bitcoin ‘Illiquid’ Supply Sets New All-Time High With 74% Dominance: What It Means

In some other news, the Bitcoin whales have been showing a long-term trend of accumulation this year, as an analyst has pointed out in a CryptoQuant Quicktake post.

Bitcoin Whale Buying

The trend in the total balance of the BTC whales over the past year | Source: CryptoQuant

The whales refer to the Bitcoin entities who hold between 1,000 and 10,000 BTC in their wallets. From the graph, it’s visible that the 30-day change in their holdings has almost entirely been positive this year so far, suggesting relentless buying.

Featured image from Dall-E, IntoTheBlock.com, CryptoQuant.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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