The market price of Bitcoin (BTC) has further advanced to $65,000 today, with only a 6% gap from its all-time high (ATH). The recent upward trend has turned many Bitcoin addresses from the previous bull market, which were bought at the peak, into profitable ones.
According to data tracked by analytics company IntoTheBlock, over 97% of Bitcoin addresses on the chain are currently in a profitable state. This is the highest ratio since November 2021 when Bitcoin reached its high of $69,000. In other words, most Bitcoin holders purchased their coins at a price below $65,000.
IntoTheBlock believes that this data is a positive signal for the market.
In a report released on Friday, IntoTheBlock stated that Bitcoin has risen by 54% since the beginning of the year, mainly due to the demand impact triggered by the approval of the US spot ETF in January. According to previous reports from Zombit, information shared by James Butterfill, Research Director at CoinShares, shows that while Bitcoin is currently produced at a rate of approximately 900 BTC per day, the new issuance of spot Bitcoin ETFs has a daily demand of up to 2,800 BTC, three times the production rate. This has opened the door for Bitcoin to reach new highs.
