• 80% of BTC addresses are now held at a profit.
• 180-day MVRV remains positive at around 24%.

Recent data on Bitcoin [BTC] indicates that it has achieved its highest level of profitability in nearly two years.

Bitcoin shows 2021 pre-bull run trend

IntoTheBlock revealed that around 80% of Bitcoin wallets currently hold the asset at a profit. This marks the highest level of profitability since December 2021.

The surge in profitability can be attributed, in part, to the spot price at which the majority of these wallets initiated their trades.

The current profitability level places BTC in a comparable position to that observed in 2020–21 before the bull run.

Furthermore, there is a notable rise in institutional accumulation, as evidenced by an increase in wallets holding 1,000 BTC or more.

Comparing Bitcoin YTD price trend

An examination of Bitcoin’s daily timeframe price trend showed a notable difference between the spot price at the year’s commencement and the present.

Initially, BTC commenced the year within the $16,000 price range, subsequently experiencing a consistent rise leading to the $22,000 price range.

Furthermore, there was a subsequent rise to the $26,000 price bracket. These levels represent the entry points for a significant portion of the associated addresses, explaining the current profitability level.

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Author: Adewale Olarinde

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