Bitcoin (BTC) price is at its highest level in no less than eighteen months. This means that many Bitcoin investors are currently able to make a profit on their total investment. In percentage terms, a considerable number of Bitcoin wallets are now in the green.
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Bitcoin holders are gaining massively
Blockchain analytics platform IntoTheBlock announced in a news story on X on Friday that Bitcoin’s profitability had reached its highest level in two years. No less than 81.35 percent of all wallet addresses are in the green at the current BTC price.
BTC Profitability Reaches Highest Level Since December 2021!
Over 80% of Bitcoin addresses are currently held for profit. This is the highest since December 2021, when prices were above $50,000 per Bitcoin
🔗 pic.twitter.com/Dod0PuuWbF— IntoTheBlock (@intotheblock) December 1, 2023
This simply means that the average cost of 81.35 percent of all Bitcoin wallets is lower than the current price of Bitcoin. However, this does not mean that 81.35 percent of all BTC holders are looking to make a profit. For example, an individual may own multiple wallets. Additionally, crypto exchanges have Bitcoins from a large number of investors in the same wallet.
Still, it is an impressive statistic that was last achieved in December 2021, when the BTC price was still trading above $50,000.
As 2023 progressed, profitability reached higher and higher peaks. The statistics logically move with the Bitcoin price, which emerged from its bear market this year with full confidence. Currently, Bitcoin is up more than 126 percent since the beginning of the year.
Bitcoin rises to new annual high
This week, Bitcoin price rose to a new annual high of around $39,000. This was also the highest price in 18 months. With a possible approval of a Bitcoin exchange fund in January, confidence and optimism are growing in the crypto market. According to analysts, there is a 90 percent chance that the American Securities and Exchange Commission (SEC) will approve a lot of exchange funds on January 8th, 9th or 10th.
Many investors have recently withdrawn their coins from crypto exchanges, which is a strong expression of growing confidence. To be precise, more than 37,000 BTC have flowed from all centralized exchanges since November 17th.
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