Bitcoin towards $50,000: Soaring profitable addresses, a giant step towards the heights

As bitcoin soars to new highs, surpassing $47,000, attention turns to the incredible growth of profitable addresses. With over 90% of BTC addresses now in the green, and a growing number breaking even, experts are wondering what is fueling this meteoric surge.

Bitcoin: Record growth in profitable addresses, a crucial step towards domination

A dizzying rise has propelled bitcoin past $47,000, with experts betting on a triumphant return to $50,000 soon. But what are the secrets of this meteoric surge? In addition to favorable technical indicators, two fundamental drivers are fueling this surge: growing institutional adoption and the looming halving of 2024.

Bitcoin makes a push at the end of the week towards $50K just 10 weeks before the halving. 90.5% of $BTC coins are in profit today compared to their first existence. For compassionate sake, 84.7% of $ETH coins and 79.0% of $XRP coins are profitable. »

The Bitcoin saga continues, and this time, it’s an astonishing growth in the number of profitable addresses that is attracting attention. Among the different cryptocurrencies, BTC shines brightly, with more than 90% of addresses in the green. According to data from IntoTheBlock (relayed by Quincepe), almost 46.67 million addresses are now in a profitable situation, while only 3.81 million are in the redrepresenting 7.35% of the total.

But the most remarkable thing is the surge in addresses breaking even, with 1.35 million addresses (2.60%) now in this camp. The surge is largely attributed to recent events, including the launch of spot Bitcoin ETFs, which attracted the attention of institutional investors following approval from the U.S. Securities and Exchange Commission (SEC).

Interest in these ETFs has increased in recent days, driven by the recent rise in the price of BTC. Result : a net inflow of $541.5 million on February 9. While this profitability may fluctuate, it remains a crucial indicator of the health of the Bitcoin network, reflecting its growth and increasing adoption.

Institutional HODLers: The new market players

As BTC approaches $50,000, institutional investors, also known as HODLers, are taking a stand. MicroStrategyleader in bitcoin investment, has recently risen his assets at 190,000 BTC, confirming its status as a pioneer in the field.

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Having acquired BTC at $29,857, as of November 2023, the company posted an unrealized profit of $1.1 billion at the same time according to LookOnChain. This bold strategy, proving that BTC can outperform traditional assets like gold, places MicroStrategy among the most visionary investors in bitcoin history.

While the bull market seems inevitable, the emergence of institutional HODLers promises a new era for the flagship cryptocurrency.

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