The long slump The rise in Bitcoin (BTC) price over the past few days has led to an inverse growth in the leading coin’s overall profitability. Compared to a few weeks ago, the number of profitable addresses in the network is now below 100%.
Bitcoin (BTC) is charting moving metrics
In addition to the cryptocurrency's price falling to $67,237.24, down 1.21% in the last 24 hours and more than 3% over the past week, other key growth metrics have also fallen. According to data from crypto analytics platform IntoTheBlock, the drop in the coin price triggered a 4.02% drop in the Daily Active Address (DAA) to around 930,730.
The biggest highlight is the decline in profitability. According to IntoTheBlock data, the number of “In the Money” addresses stands at 50.1 million, which accounts for 96.39% of the total on the network. This is a significant drop from the 100% recorded when the Premier coin jumped to an All-time high (ATH) over $73,000 last week.
Bitcoin profitability chart. Source: IntoTheBlock
The number of “out of the money” addresses is 870,100, or 1.67% of the total addresses registered on the network. Addresses “at the money,” or break-even point, are 1.01 million, or 1.94% of the total in the network.
To return to the point where Bitcoin profitability reaches the 100 percent mark again, the price must retest the $68,992.54 to $72,500.92 range. As IntoTheBlock data showed, up to 877,770 BTC were stacked by more than 870,000 addresses, establishing this area as the ultimate resistance point.
Whale interest and volume decline
Amid the Bitcoin rally, the actions of whale buyers have been at the forefront. In addition to BlackRock and others Spot Bitcoin ETF Although issuers are making large daily accumulations, MicroStrategy has also doubled its accumulations in recent weeks.
However, currently, data from IntoTheBlock shows that large transactions valued at $100,000 and above have plummeted by 46.98% at the time of writing. Volume fell to $41.32 billion as of March 16, compared to $116.22 billion on March 13.
These fluctuating metrics show that market sentiment is low. However, the analysis shows that this bearish reversal is one healthy correction This could help usher in an epic recovery in the near future. With the spot Bitcoin ETF and halving sentiment looming, Bitcoin price may have found a solution Anchor around the $65,000 price level.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the new technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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