Over 90% of BTC Holders Profit as Bitcoin Surpasses $65K

The price of Bitcoin is on the rise once more, as it has surpassed $65,000 for the first time this month.

This surge puts over 90% of its holders in profit, which may actually signal a risk for the largest cryptocurrency.

Bitcoin is on a steady ascent, and with it, the count of holders benefiting is increasing.

If $BTC surpasses $65k, over 90% of holders will be in profit; a threshold we haven’t seen since July, when Bitcoin ultimately fell short of hitting a new high.

The question now stands: will this time change the narrative? pic.twitter.com/hs156tGzfy

— IntoTheBlock (@intotheblock) September 26, 2024

IntoTheBlock’s tweet was just posted moments ago, but circumstances have already altered. It states that more than 90% of BTC investors would find themselves in profit if the asset’s price breaks above $65,000.

The cryptocurrency was hovering around $64,000 but quickly gained momentum, climbing to $65,260. This marks its highest level since August 2nd and the third time since then that BTC has approached the $65,000 mark.

However, achieving such high levels of profitable investors could lead to potential price corrections. This often occurs as many choose to sell their assets in favorable conditions when their investments are showing gains.

This situation mirrors what happened back in July when the proportion of holders in profit exceeded 90%. Subsequently, BTC’s price plummeted as many investors cashed in their profits.

CryptoPotato reported earlier today that the cryptocurrency’s short-term outlook could be precarious due to significant sell-offs by major investors, commonly referred to as whales. Within 24 hours, they sold off $1.28 billion worth of BTC.