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Bitcoin Holds Strong at $94.9K as On-Chain Metrics Show Widespread Profitability and Institutional Accumulation

8 hours ago
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At the moment that Bitcoin is close to the $94,900 high, new on-chain data is giving us a clear view of how investors feel and where they are positioned—helping us to understand the bigger dynamic at play in the crypto market.

With more than 83% of current holders in profit and institutional players like MicroStrategy doubling down and even upping their exposure to Bitcoin, this seems to be an uptrend that’s got a lot of fundamental backing—at least as far as our current understanding of the trends and the sentiment is concerned.

On-Chain Analysis: The Majority of Bitcoin Holders Are In Profit

The most recent Global In/Out of the Money analysis shows that an impressive 83.93% of Bitcoin holders are presently in the money. This segment of holders counts a massive 16.69 million BTC among themselves—an amount in excess of a stunning $1.58 trillion when counted as unrealized value. These numbers help illuminate the fact that among Bitcoin holders, long-term holding is a widely shared and deeply rooted occurrence.

At the same time, 7.73% of holders, or about 1.54 million BTC worth around $145.79 billion, are at breakeven. These investors bought their coins at around today’s price and seem to be watching carefully for any signs that either a breakout or a pullback is imminent.

At present, a mere 8.34% of those holding Bitcoin find themselves in an illiquid state. To put it another way, only about 1.66 million BTC (worth $157.41 billion) seem to be submerged. This is a figure that we might call ‘bottomside holders’—holders who, by their BTC’s state, have little incentive to sell. If we could wish ourselves into any condition of dollar value, it would be a wish into this state of being, as, in economic terms, this is a condition of being effectively long with little incentive to get short.

MicroStrategy Expands Holdings Amid Institutional Momentum

Interest from institutions in Bitcoin is still solid and strong. Once again, MicroStrategy leads the pack. The software intelligence firm, under Executive Chairman Michael Saylor, has now purchased an additional 1,895 BTC for about $180.3 million. They bought at an average price of $95,167—slightly above the current market price—but they are still bulling it up and calling it a good deal. This is what they do. And this is why we call them pros.

On May 4, 2025, MicroStrategy held a tremendous total of 555,450 BTC. At present, these holdings are showing a total carrying cost of $38.08 billion, or an average price of $68,550 per coin. Since then, the asset has appreciated significantly and is now trading at around $94,900. Correspondingly, MicroStrategy’s BTC positions are showing some impressive paper gains. The company reported an even more staggering 14.0% year-to-date yield on its BTC holdings as of the same day it reported its carry amounts.

The company’s vigorous gathering has frequently been seen as a measure of institutional feeling. Every fresh acquisition broadcasts a message to the marketplace: notwithstanding market fluctuations, there exists a persistent faith in Bitcoin as a cornerstone, long-lasting investment.

Spot ETFs Attract Strong Inflows for Third Straight Week

The positive sentiment is not just with single firms. Wider institutional engagement is reflected in the ongoing success of U.S.-listed spot Bitcoin ETFs. Between April 28 and May 2, spot Bitcoin ETFs saw net inflows of $1.81 billion. This was the third week in a row that the ETFs attracted cash, and it was the week, by a long stretch, in which the most cash came in. The inflow amounts to 4% of the ETFs’ total assets under management.

These inflows are very important because they show not just that investors have confidence in the product but that there is direct buying pressure on the underlying asset. When you put money into a Bitcoin ETF, the actual asset is bought by the fund to back your investment. That means it is not available in the circulating supply. Sustained demand for Bitcoin ETFs could create upward pressure on the price of Bitcoin because it is a way for people to buy exposure to Bitcoin without actually buying Bitcoin.

Conclusion: Market Foundations Strengthen as Bitcoin Eyes New Highs

More than 83% of BTC holders are in the money, and that institutional accumulation is continuing apace. ETF inflows seem quite healthy. Short-term price action may be somewhat volatile. But taken together, these elements paint a very solid, probably even bullish, picture for Bitcoin. Still, we must remember that a lot of foundation-building activity doesn’t guarantee anything in terms of future price performance.

While Bitcoin hovers around the $95,000 mark, attention is shifting to whether it can garner sufficient upward momentum to reach test high-price levels. If it can, and if the number of participants in the Bitcoin network, the number of institutions invested in Bitcoin, and the number of positive economic indicators for Bitcoin remain roughly where they are now, then tests of the $100,000 level and beyond may be imminent.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/bitcoin-holds-strong-at-94-9k-as-on-chain-metrics-show-widespread-profitability-and-institutional-accumulation/