According to data from blockchain analysis firm IntoTheBlock, around 90% of Bitcoin (BTC) holders are in profit territory for the first time since November 2021. The rise in profitability comes amid a 24-hour rollercoaster for Bitcoin, marked by a false report of official approval of the first US Bitcoin spot ETF, which caused sudden price movements.
According to data from blockchain analysis firm IntoTheBlock, around 90% of Bitcoin (BTC) holders are in profit territory for the first time since November 2021. The rise in profitability comes amid a 24-hour rollercoaster for Bitcoin, marked by a false report of official approval of the first US Bitcoin spot ETF, which caused sudden price movements.
According to the latest data, the current price of Bitcoin stands at $45,488, which represents a drop of 2.25% in the last 24 hours. The tumultuous journey began when a hacker took advantage of a SIM-swapping attack to post a misleading advertisement online. SEC Account X (formerly Twitter), falsely claiming regulatory approval of the long-awaited Bitcoin ETF.
This misinformation caused a sharp rise in the price of Bitcoin, reaching a high of $47,901, before quickly retreating to its current levels. Representatives of the platform. revealed that the post was the result of a security breach, emphasizing the vulnerability of even the largest platforms to sophisticated attacks.
Bitcoin market dynamics
The false approval announcement added to the existing anticipation surrounding a positive SEC ruling on Bitcoin spot ETFs, a development that is expected to attract billions in new investments to the cryptocurrency market. This anticipation has been a driving force behind Bitcoin’s price rally over the past two months, despite the recent drop in its value.
Despite the price fluctuations, data from IntoTheBlock revealing that around 90% of addresses holding Bitcoin are currently making profits is seen as a bullish sign for the leading cryptocurrency. This statistic underscores the resilience of long-term investors who have weathered market volatility and underlines the potential for sustained growth.
It is expected that the profitability of holders can further attract institutional investors and strengthen Bitcoin’s position as a store of value. As Bitcoin continues to navigate the regulatory landscape and face occasional bouts of volatility, the recent surge in profitability serves as a testament to the cryptocurrency’s resilience and the optimism that prevails among its dedicated investor community.
