Despite slowing down the gains accumulated in recent weeks, Bitcoin (BTC) has nonetheless shown its bullish strength throughout the ongoing financial crisis that has engulfed the banking sector, and the overwhelming portion of its holders are in profit.
As it happens, as much as 72% of Bitcoin holders are making a profit at its current price (in the money), while 25% are in a loss, and 3% are at the money, according to the latest data retrieved by Finbold from the cryptocurrency tracking platform IntoTheBlock on March 22.
Among all the observed holders of the flagship decentralized finance (DeFi) asset, 69% of them are considered long-term holders, having held Bitcoin for more than one year, as opposed to 23% holding it between one and 12 months, and 8% of addresses holding it for less than one month.
Bitcoin price analysis
Meanwhile, Bitcoin’s success amid the financial crisis has so far been substantial, taking into account that the maiden crypto has crossed the critical threshold of $28,000, at press time trading at $28,159, which represents a 0.51% gain in the last 24 hours, as well as gaining 13.93% over the week, and 16.68% across the past month.
It is also important to note that Bitcoin has outperformed commodities, particularly gold, considered “the top-performing old-guard commodity,” nearly 10-fold in 2023, indicating that it has started its ‘super cycle,’ according to Bloomberg’s senior commodity analyst Mike McGlone.
On top of that, Bitcoin added more than $200 billion to its market capitalization in 2023, at the same time when five leading banks in the United States suffered a joint loss of $108.92 billion, while the crypto ‘Fear & Greed’ index reached a 16-month high, indicating a strong buying sentiment.
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Source: https://finbold.com/over-70-of-bitcoin-holders-are-currently-in-profit-as-bulls-take-charge/