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Over 97% of Bitcoin holders see profits, IntoTheBlock shows
Despite the good phase of the market, the number of addresses holding Bitcoin for more than a year slightly decreased in 2024.
Crypto analytics firm IntoTheBlock revealed in its weekly newsletter that over 97% of Bitcoin holders are “in the money.” This level of profitability has not been seen since November 2021. During the last instance of such widespread profitability, Bitcoin’s price was approximately $69,000, close to its all-time high. This significant percentage of profitable addresses reduces the impact of selling pressure from users looking to break even.
The firm’s methodology involves comparing the average purchase price of Bitcoin held in any address against its current market value. Addresses are classified as “in the money” if the current price of Bitcoin is higher than the average cost at which it was acquired. Conversely, if the current price falls below the average cost, the address is considered “out of the money.
