Bitcoin Holders Sitting on Profits with High Percentage of Addresses in the Money
• More than 97% of Bitcoin addresses are "in the money," meaning holders acquired BTC at lower prices than current value • Average BTC acquisition cost for most addresses is below $65K market rate • High percentage of addresses in profit means selling pressure from those trying to break even has lessened • New buyers purchasing from existing users already realizing a profit • Bitcoin has risen 54% this year, extending 2022’s 154% gain, partly due to inflows into new U.S. spot Bitcoin ETFs