Bitcoin's price is holding steady above $60,000. The uptrend seems sluggish, but profitability indicators are flashing green and the surge to a new all-time high is looming on the horizon.
A whopping 93% of Bitcoin addresses are in profit. This data comes from analytics firm IntoTheBlock. It's a significant recovery from the June-July 2024 slump.
Bitcoin hit an all-time high of $74,000 recently. It's now down 8% from that peak. The cryptocurrency plunged to $53,500 in early July. But it's bounced back since.
Only a small fraction of holders are in the red. These are likely folks who bought near the $72,000 mark. They were banking on Bitcoin hitting $100,000.
The drop to July lows was a 21% tumble from the peak. It forced some holders to sell at a loss. But the bounce above $67,000 has restored faith.
Short-term holders are breathing easier now. These are people who bought Bitcoin in the last 155 days. They started seeing profits when prices topped $63,000.
Miners are playing it cool. They're not rushing to sell. In fact, they're stashing away more coins.
Big mining outfits like Mara Digital and Riot Blockchain are leading the charge. They've scooped up over 4,500 BTC in just three weeks. That's a lot of coin.
This bullish sentiment is rubbing off on mining stocks. MARA and RIOT shares jumped over 30% last week. Investors are betting these firms will keep growing.
Large Bitcoin holders are also piling in. Entities with at least 1,000 BTC now hold a two-year high. The Market Value to Realized Value ratio is ticking up too. One analyst says this confirms the uptrend is legit.