Amid these broad-based price actions, an intriguing event happened on-chain – Bitcoin’s profitability hit 84.84%, sending more addresses into the money. to data from IntoTheBlock, current metrics place addresses in the money at 43.74 million, a figure that compares to just about 5.98 million in loss and 1.83 million addresses at their break-even points.
Thus far this year, there has been a drastic shift in Bitcoin’s profitability, which dropped as low as 60% at some point. However, improved sentiment on the market and the event have proven to be a key reminder of why Bitcoin is the biggest asset in the crypto world by market capitalization.
As by many experts in the industry, the Bitcoin ETF might be the ultimate game-changer that will confirm full propulsion into the bull market cycle. Already, Wall Street is into the product if approved, a move that might trigger a mega run in price moving forward.
Despite its uncertainty, market players are beginning to price in the impact of spot Bitcoin ETF, hence, the jump in price seen today.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
