85% of People Holding Bitcoin are in Profit

Bitcoin’s price has rebounded, gaining 1.22% over the last 24 hours to push above $42,900. This volatility has caused price fluctuations between $41,800 and $43,000.
On-chain data shows a surge in profitable addresses, with 84.84% now in profit. Over 43 million addresses are currently profitable compared to under 6 million at a loss.
Approval of a Bitcoin ETF could be a major catalyst, as Wall Street is keen on the product. This potential impact is contributing to Bitcoin’s recent price jump.

Bitcoin (BTC) has seen a dramatic rebound in price despite ongoing volatility. The world’s largest cryptocurrency by market capitalization has gained 1.22% over the last 24 hours, pushing its price to $42,926.38.

🚨 NEWS: 85% of #Bitcoin wallets are currently in profit
— BlockNews.com (@blocknewsdotcom) December 20, 2023

Volatility Swings Bitcoin’s Price

The volatility has caused Bitcoin’s price to swing between a low of $41,826.34 and a high of $42,999.72. Bitcoin bulls are attempting to breach the $43,000 resistance level.

On-Chain Data Shows Surge in Profitable Addresses

Amid the price fluctuations, an interesting on-chain event has occurred. Bitcoin’s profitability hit 84.84%, sending more addresses into profit. According to data from IntoTheBlock, 43.74 million addresses are currently in profit, compared to just 5.98 million addresses at a loss and 1.83 million at break-even.

Bitcoin Profitability Shifts Over the Year

So far this year, there has been a major shift in Bitcoin’s profitability, which dropped as low as 60% at one point. However, improved market sentiment and on-chain activity have highlighted why Bitcoin remains the largest cryptocurrency.

Bitcoin ETF Could Be a Game Changer

While Bitcoin’s next halving event is set for April 2024, another potential catalyst is approval of a Bitcoin ETF by the SEC.

Many industry experts believe a Bitcoin spot ETF could fully propel the market into a bull cycle. Wall Street is already keen on the product if approved, which could trigger a mega price run.

Although uncertain, players are starting to price in the ETF’s potential impact, contributing to the recent jump in Bitcoin’s price.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.