• The average BTC purchase cost for most addresses is lower than the current market price of cryptocurrency.
  • The rise in so-called “in money” addresses is a bullish sign.

BTC Price Index and Live Chart – CoinDesk”>(BTC) recent bullish momentum has most bitcoin-holding blockchain addresses sitting on unrealized gains on their investments.

According to data tracked and analyzed by analytics firm IntoTheBlock, more than 97% BTC addresses now have “money” in them. This is the highest percentage since November 2021 when the biggest cryptocurrency by market cap reached a record-high around $69,000.

When BTC’s current market price is higher than the average BTC cost of the address, it is considered that the address is in the money. The majority of BTC holders bought their BTC at a price below the current cryptocurrency’s price of , about $65,000.

According to IntoTheBlock, the data is bullish for the market.

In a Friday newsletter, IntoTheBlock stated that the pressure to sell from users trying to break even was no longer significant. BTC traded at around $62,000.

“Newcomers who enter the market and purchase coins are essentially purchasing from existing users, who are already making a profit,” IntoTheBlock stated.

Bitcoin’s 54% rise this year is a continuation of the 154% increase in 2022, and is largely due to the strong inflows that have been made into U.S.-based exchange-traded fund approved in January. Wall Street’s embrace for the spot ETFs skewed supply-demand dynamics in favor bulls. This could lead to a rally which could propel Bitcoin toward a record high. The CoinDesk 20 Index is a measure of the wider crypto market. has risen 37.8% in this year.

(IntoTheBlock) (IntoTheBlock) Most addresses have unrealized gains or are “in the black” on their BTC. (IntoTheBlock) (IntoTheBlock)

Sheldon Reback is the editor.