- The number of Bitcoin addresses holding over 1 BTC has dropped from 1.024 million to 1.013 million since early this year.
- Approximately 99% of Bitcoin holders are in profit as market optimism rises, boosted by institutional interest and ETF approvals.
According to recent data from IntoTheBlock, Bitcoin ownership shows a clear trend: the number of addresses holding more than 1 BTC has dropped to 1,013,120 from 1,024,437 since the start of the year.
This decline suggests that some Bitcoin owners with balances of more than one BTC might have sold or distributed over this time. Nevertheless, the current count of such addresses is still noteworthy and shows ongoing acceptance and confidence in BTC as a digital commodity.
1,013,120 addresses hold more than 1 $BTC. Interestingly, this number has decreased from 1,024,437 since the start of the year. What do you think the reason is? pic.twitter.com/OYNi9XCo4P
— IntoTheBlock (@intotheblock) November 1, 2024
Growing Optimism as Bitcoin Investors See Increased ProfitabilityÂ
Furthermore, other data from IntoTheBlock shows that about 99% of Bitcoin investors are in a profitable position right now, which fits the BTC price almost reaching its all-time high. Last seen in June, when Bitcoin fell short of its past peak, was this degree of profitability.
Still, the attitude of the market this time seems more positive. Increased institutional interest and the approval of Bitcoin spot ETFs drive the optimism, and together, these elements provide the positive momentum driving Bitcoin closer to record prices.
Beside that, CNF previously noted that a well-known analyst pointed out mixed signals on the monthly chart of Bitcoin, suggesting possible market uncertainty.
Low trading volume combined with altcoin divergence points to a possible lack of support for Bitcoin’s surge from more general market involvement, so casting uncertainty on the strength of its rising trajectory.
Meanwhile, BTC is swapped hands at about $69,608.58 at the time of writing, marking a meager 0.32% increase over the last 24 hours. The $70,000 mark is expected to become a main benchmark for verifying a possible November rally.
