bitcoin has had an eventful week in terms of price action. The world’s largest cryptocurrency saw an 18% increase in the last seven days, its highest percentage increase this year. This unexpected surge caused a rush of liquidations of short positions and, according to Glassnode, futures positions worth 60,000 btc were closed. Amid all the price surge, Glassnode data has shown that a large portion of investors are now outperforming gains.
bitcoin Surpasses $35,000, Profiting Millions of Coins
bitcoin Bulls Managed to Boost bitcoin bitcoin-traders-embrace-greed-12-rally-time-sell/” rel=”nofollow”>price over $35,100 in the last 24 hours, marking the largest single-day increase this year. The upward movement started near the $25,000 level and continued until reaching its new yearly high.
A Glassnode blockchain analysis platform report showed that bitcoin surpassing $35,000 is a big deal for holders. At this price level, millions of btc holdings became profitable. During this rally, the bid-in-profit percentage of the price jump from $25,000 to $35,000 increased by 4.7 million btc, equivalent to 24% of the total circulating supply.
Long-term investors, in particular, saw a big improvement in their profits at this price. Although approximately 29.6% of long-term holders’ supply still remains at a loss, their aggregate holdings recently reached a new all-time high of 14,899 million btc.
<img decoding="async" class="alignnone size-medium wp-image-557483" src="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-profit-1.png?w=460&resize=460%2C265" alt="bitcoin Profit 1" width="460" height="265" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-profit-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-profit-1.png?w=460&resize=460%2C265 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1"/> Source: Glassnode
Short-term holders were not left out either, as investor sentiment has recovered from bearish to neutral on cost-based models. We are now at a crossover point towards positive bullish sentiment for short-term holders. A look at the average purchase price of short-term holders places most of the market entry at $28,000, indicating a profit margin for both short-term and long-term traders.
<img decoding="async" class="alignnone size-medium wp-image-557484 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-profit-.png?w=460&resize=460%2C265" alt="bitcoin profit" width="460" height="265" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-profit-.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-profit-.png?w=460&resize=460%2C265 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1"/>Source: Glassnode
What’s Behind bitcoin‘s Sudden Price Rise?
The sudden rise of bitcoin can be attributed to the emotion behind approval from BlackRock’s Spot bitcoin ETF App. bitcoin supporters pointed to the listing of BlackRock’s iShares bitcoin Trust on the Depository Trust and Clearing Corporation (DTCC) website, suggesting that BlackRock had begun generating money for the ETF.
Although bitcoin has since bitcoin-etf-approval-sell-the-news-event/” rel=”nofollow”>get rid of some of this price gain and is now trading at $33,860 at the time of writing, metrics show that 80% of holders are making money at the current price. Exchange signals too aim for bullish momentumas traders are now exchanging their assets for btc on crypto exchanges.
The rise in bitcoin‘s value to $35,000 was reflected in the stock prices of cryptocurrency-related companies such as Coinbase and MicroStrategy. At that price, bitcoin-strategy-is-going/” rel=”nofollow”>MicroStrategy bitcoin Holdings would have generated a profit of 857 million dollars for the company.
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Bounce-Above-35000-Puts-Holder-Profitability-at-Yearly-Highs" alt="Tradingview.com bitcoin Price Chart (btc Profit)” width=”2650″ height=”1758″/>
btc reclaims $34,000 once more | Source: BTCUSD on Tradingview.com
Featured image from Outlook India, chart from Tradingview.com
