After the price of Bitcoin broke above $64,000, the majority of cryptocurrency holders are in profit.
With the price of BTC around $65,300 at the time of writing, around 88% of holders of the asset are in profit according to information provided by IntoTheBlock.
This marks a recovery from earlier in the summer when they were only around 65% when prices fell below $55,000.
The higher percentage suggests that more holders are making profits, which often correlates with positive market sentiment.=
Historically, rising profit percentages have accompanied upward price movements, serving as a barometer of market confidence and potentially influencing trading behavior.
The recovery to 88% reflects renewed investor optimism after periods of volatility.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.
BlackRock is making another assertive move into digital assets, quietly expanding its crypto portfolio with sizable purchases of both Bitcoin and Ethereum.
In a move that signals changing tides in traditional finance, JPMorgan is preparing to accept Bitcoin ETF holdings as collateral for loans—starting with BlackRock’s iShares Bitcoin Trust, according to insiders familiar with the plan.