Key Points
- Bitcoin addresses in profit have significantly increased after Bitcoin’s price surge above $65,000.
- Around 94% of Bitcoin holders have accumulated the asset below $65,500.
The number of profitable Bitcoin addresses has markedly risen after Bitcoin’s price climbed over the $65,000 mark.
Data from IntoTheBlock reveals that over 50.67 million Bitcoin (BTC) addresses have acquired the asset at a price below $65,500. This represents 94% of all Bitcoin holders.
Investment Details
The remaining 6% of addresses, equating to around 3.37 million, bought Bitcoin at an average cost of $68,139. These addresses hold a total of 1.58 million BTC.
According to the same data, over 80,000 daily active addresses are currently in profit. Approximately 247,000 holders are nearing their initial investment. Only 3,440 active addresses are currently at a loss.
A similar trend was observed in late September when Bitcoin’s price dropped from $65,800 on September 28 to $60,000 on October 3. Investors and traders were seeking short-term profits during this period. The current chart suggests a local peak as the market moves without long-term catalysts.
Market Movements
One of the primary factors behind Bitcoin’s price surge is the sudden rise in short liquidations. Over $145 million in crypto assets have been liquidated in the past 24 hours, with Bitcoin being the most affected with $63 million in liquidations.
Additionally, the inflow of $555.9 million in spot BTC exchange-traded funds in the U.S. has sparked bullish sentiment among investors and traders.
Despite the recent correction, Bitcoin’s price has risen 1.8% in the past 24 hours and is currently trading at $65,750. The asset’s market cap is $1.3 trillion, with a daily trading volume of $39.5 billion.
Bitcoin’s Relative Strength Index is currently at 64, indicating that the asset is slightly overbought. If the RSI drops close to the 50 mark, a further increase in Bitcoin’s price could be expected.