IntoTheBlock: 97% of bitcoin addresses are in the profit zone

The mark is the highest since bitcoin hit an all-time high of $69 000

04.03.2024 - 11:03

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3 min

What’s new? Over 97% of bitcoin addresses are profitable, analysts at IntoTheBlock said in a March 2 report. Thus, the value of assets on the vast majority of wallets has increased since their purchase. Previously, such a high figure was recorded only in November 2021, when the bitcoin exchange rate set a historic high at $69 000.

IntoTheBlock’s report

What else is known? Over the week, transaction fees on the Bitcoin network rose by 20,86% to $13,6 million, reflecting an increase in the asset’s price, as transaction fees tend to rise in tandem with market value. During the same period, $797 million worth of coins were withdrawn from centralized crypto exchanges (CEXs).

Long-term investors hold 13,6 million BTC in their possession. This category includes users who keep assets for more than a year. On February 19, the indicator of the average time of holding the asset before selling it exceeded 365 days, which was a two-year high.

Experts also reported that about 900 bitcoins are mined worldwide every day. Another halving, which will reduce the reward to miners for a mined block from 6,25 to 3,125 coins, is expected in April this year. It will reduce the number of coins coming into circulation and reduce the inflation rate. As BTC becomes more scarce and demand increases, its price will also rise, analysts concluded.

Earlier, Galaxy Digital head Mike Novogratz predicted bitcoin’s correction to $55 000 before reaching a new all-time high. In his opinion, the capital outflow will occur due to the inability of traders to maintain positions with a large amount of borrowed funds. And Matrixport allowed the possibility of the crypto market to correct by 15% by the end of April.

Unrealized profits of whale rookies hit a record $7,3 billion

In turn, the long-term holders’ figure is 72% below the 2021 bull market record

At the time of writing the news bitcoin is trading on Binance at $64 914, which is the maximum since November 2021. The asset added 5,22% over the day, up by 53,71% YTD.

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