The good news is definitely continuing in the cryptosphere. As the entire industry celebrates the SEC’s approval of Bitcoin Spot ETFs, the latest news reports remarkable growth in the number of profitable bitcoin wallets. The recent rise in valuation of the flagship crypto has indeed benefited the majority of bitcoin (BTC) portfolios. This breakthrough propelled 90% of these wallets into profit zone. Good news for those who own it.
More than 90% of bitcoin (BTC) wallets are profitable
The recent surge in the flagship crypto, bitcoin (BTC), seems to have made many happy among the ranks of holders of this asset. This is what investigations carried out into the price dynamics of the queen of cryptos reveal.
It shows that by breaking the $45,000 resistance, the asset’s price movement pushed 90% of BTC addresses to profitability. A development that is enough to excite more than one person. The trend continues, as bitcoin has reached $48,000 and is slowly approaching $50,000. With these developments, we could estimate the number of profitable BTC portfolios at more than 91%.
This increase in profitability of bitcoin (BTC) is not an isolated event. This is a recurring trend in the flagship crypto’s bull cycles. Even though BTC’s recent bull run represents a drop of more than 31% from its all-time high.
As a reminder, BTC holders have reached such profit levels several times during each bull cycle. This, even during the first phases of each period of increase in the valuation of the most popular asset in the crypto market.
Towards a possible liquidation of bitcoin assets?
With the sustained profitability of bitcoin (BTC) wallets, an eventuality is now possible. Namely the possibility of an increased sale of BTC holdings by their holders. In any case, it would not be surprising if some holders wanted to capitalize on these gains.
This perspective is based first of all on the enthusiasm generated by the dynamism of bitcoin (BTC), whose valuation is only a few steps away from the $50,000 mark. This, in particular due to the anticipated emergence of the first spot Bitcoin Spot ETF.
The other factor in this expectation is the potential formation of a golden cross. This is a technical event occurring on the BTC price charts. In particular, when the 21-day exponential moving average crosses upwards the 50-day simple moving average.
Analysts believe that the materialization of this golden crossover could signify a crucial point in the price trajectory of the flagship crypto. Which, in the short term, could influence the price of bitcoin (BTC).
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