Bitcoin Hits New Profit Milestone as Bullish Trends Continue
The recent surge in Bitcoin's price has led to a significant number of addresses now showing profits, reinforcing the view that the market remains in a bullish phase.
According to IntoTheBlock, 93% of Bitcoin addresses are currently in the black. This marks a notable increase in profitability, a trend that has been recurring over recent months as Bitcoin’s value has risen.
Since mid-July, Bitcoin has climbed about 20% from its previous low, reaching around $68000. This rally follows a dip to $53,000 caused by a mix of large-scale sell-offs and market uncertainties. Bitcoin’s price briefly hit a six-week high of $68,400 before stabilizing.
The increase in Bitcoin addresses with substantial holdings is also evident. Recent data shows that addresses containing 1,000 or more BTC have reached a two-year peak, suggesting ongoing accumulation among large investors.
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This positive sentiment is mirrored by the influx into Bitcoin ETFs in the U.S., which have seen a steady flow of funds. Last week alone, these ETFs attracted $1.24 billion.
Additionally, retail trading activity has spiked, particularly over weekends, further supporting the market’s upward trend. Despite the optimistic outlook, analysts caution that the market could face corrections, influenced by ongoing news and macroeconomic factors.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
