thecryptobasic.com
New data from a market intelligence firm has affirmed that nearly all wallets holding Bitcoin are in profit as the asset breaks a new yearly high.`
According to data from market tracking resources, Bitcoin has printed a 10.5% rally in the last 24 hours from a low of $51,238. This rally has seen Bitcoin regain a new multi-year high at $57,416 at the reporting time.
Following this development, the pool of Bitcoin investors holding the asset at a profit has similarly broken a multi-year high. Market intelligence platform IntoTheBlock called attention to this outcome in a recent post on X.
95% of Bitcoin Wallets Now Profitable
IntoTheBlock noted that 95% of Bitcoin wallets are now profitable. It added that this level of profitable addresses has not been seen since the peak of the 2021 bull market.
95% of Bitcoin addresses are now in profit!
The last time we saw this level of profitable addresses was during the peak of the 2021 bull market, with prices over $60k pic.twitter.com/MBq95tTKAA— IntoTheBlock (@intotheblock) February 27, 2024
Furthermore, data from IntoTheBlock indicates that, technically, no Bitcoin address is currently holding Bitcoin at a loss. The other half of the profitability spectrum, comprising just 5%, represents Bitcoin investors at break-even points, where neither profit nor loss is incurred.
Moreover, the statistics from IntoTheBlock indicate that the majority of Bitcoin investors in profit are long-term holders, with 69% of them having held BTC for more than a year.
In contrast, 24% have held for less than a year, and only 6% have purchased Bitcoin within the last month.
With Bitcoin hovering around $56,866 at press time, the asset is barely a 20% rally to reclaim its 2021 ATH of around $69k.
BTC Open Interest Breaks ATH
Meanwhile, Bitcoin futures open interest has broken an all-time high in the last 24 hours. Per Coinglass data, Bitcoin’s open internet is now $24.78 billion, surpassing the 2021 record of $24.27 billion.
Bitcoin ETFs See Record $6.11B flows
Meanwhile, Bitcoin’s continued uptrend since this month has been attributed to inflows to the recently listed U.S. Bitcoin spot exchange-traded funds (ETFs).
Latest statistics indicate that at least $6 billion has followed through U.S. Bitcoin ETF since January 10. On Monday alone, the ETFs saw a net inflow of $520 million, putting the one-week figure significantly at $1.10 billion.
🔎 Latest data shows US Spot #Bitcoin ETFs with a total net inflow of US$6.11B, with US$520M inflow on 26 Feb pic.twitter.com/3RRsqCS4JC
— Crypto.com Research & Insights (@cryptocom_rni) February 27, 2024
Leading the charge in this inflow include BlackRock’s IBIT, Fidelity, Ark Invest, and Bitcwise. While these prominent asset managers register positive inflows, Grayscale has continued to see negative flows.