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Profitability Of Bitcoin (BTC) Drops As Whale Transactions Slump 46%

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Profitability Of Bitcoin (BTC) Drops As Whale Transactions Slump 46%

(CTN News) – In the past few days, the decline in Bitcoin (BTC) price has led to a reversed growth in the coin’s profitability. The number of profitable addresses on the network has decreased from a few weeks ago to less than 100% at present.

Bitcoin (BTC) metrics are sliding

Apart from the cryptocurrency’s price, which has fallen to $67,237.24 over the past 24 hours and by more than 3% in the past week, other important growth metrics have also declined. In accordance with data provided by Into  The block, the drop in coin price has led to a decrease in the number of Daily Active Addresses (DAA) by 4.02% to 930,730.

One of the major highlights is the decline in profitability. As reported by IntoTheBlock, there are 50.1 million “In the Money” addresses, which constitute 96.39% of the total addresses in the network. There has been a significant drop in the price of the premier coin since it reached an All-Time High (ATH) above $73,000 over the past week.

There are 870,100 addresses that are “Out of the Money”, which represents 1.67% of the total number of addresses registered on the network. In terms of addresses “at the money” or breakeven point, they amount to 1.01 million, or 1.94% of the total amount of addresses on the network.

Currently, in order for Bitcoin profitability to return to 100%, it must be able to retest the range of $68,992.54 to $72,500.92. According to IntoTheBlock data, as many as 877,770 BTC were stored by over 870,000 addresses, making this the ultimate resistance point for Bitcoin.

Interest in whales and volume declines

A significant role was played by whale buyers during the Bitcoin rally. As BlackRock and other Bitcoin ETF issuers have increased their daily accumulations, MicroStrategy has done the same.

Data from IntoTheBlock indicates that at this point in time, large transactions worth $100,000 or more have declined by 46.98% according to their data. According to statistics, the volume of transactions in the month of March dropped to $41.32 billion, down from $116.22 billion in the month of February.

These sliding metrics indicate low sentiment in the market. It appears that this bearish twist might usher in an epic rebound soon. As a result of the launch of the spot Bitcoin ETF and the halving of sentiment, Bitcoin’s price may have found an anchor around $65,000.

SEE ALSO:

In February, Biden And Democratic Party Organizations Raised $53 Million

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