In the ever-fluctuating world of Bitcoin, deciphering market sentiment is akin to reading tea leaves. Yet, advanced on-chain metrics offer a clearer vision, particularly the percentage of addresses and entities in profitโa harbinger of market moods. With a current astonishing 99.76% of entities and 99.74% of addresses smiling at their portfolios, we find ourselves at a historic zenith of profitability. Such levels often herald the mature phase of a bull cycle, but they carry with them the specter of impending corrections. Historical patterns have been instructive, showing us that this euphoria is typically short-lived. Yet, as we teeter on the brink of what could be an unprecedented period in Bitcoin's journey, propelled by burgeoning institutional interest and the advent of spot Bitcoin ETFs, one wonders: Are we about to witness a deviation from past cycles, or will history repeat itself? Uncover the potential turning tide of Bitcoin's market cycle and what it means for investors in the full article.
Bitcoin’s surge to $73k put 99.76% of entities in profit, signaling mature phase of bull market Bitcoin’s surge to $73k put 99.76% of entities in profit, signaling mature phase of bull market
Bitcoin's surge past $72,000 pushed 99.76% of entities and 99.74% of addresses into profit โ the highest level ever recorded.
3 min read
Updated: Mar. 12, 2024 at 4:30 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
