94% of Bitcoin Holders Are in Profit: Will They Sell?
Date: 2024-10-15 Author: Henry Casey Categories: CRYPTO PAYMENTS
According to IntoTheBlock, over 50.67 million Bitcoin addresses purchased the asset at prices below $65,500, accounting for 94% of all BTC holders. The remaining 6% of addresses, around 3.37 million, bought Bitcoin at an average price of $68,139, with a total volume of 1.58 million BTC.
Of the active addresses, over 80,000 are in profit, and around 247,000 are close to breaking even on their investment. However, only 3,440 active addresses are in the red.
Similar market behavior was seen in late September, when Bitcoin dropped from $65,800 to $60,000 in a few days as investors sought to lock in short-term profits. The current situation also points to the possibility of a local peak, as the market lacks long-term catalysts.
One of the factors driving the BTC price growth was a sharp increase in short position liquidations. According to crypto.news, over $145 million in crypto assets were liquidated in the last 24 hours, with $63 million of that being Bitcoin.
Additionally, a $555.9 million inflow into US funds focused on BTC spot trading also added to the bullish sentiment among investors and traders.
Despite the recent correction, Bitcoin is still up 1.8% in the last 24 hours, trading at $65,750. The asset's market capitalization is $1.3 trillion, and the daily trading volume reached $39.5 billion.
The Relative Strength Index (RSI) for Bitcoin is at 64, indicating that the asset is slightly overbought. Further price growth is expected if the RSI decreases to around 50.
