Bitcoin's growth in the $34,000 range ensured profits for 82% of addresses

On the evening of October 25, the price of Bitcoin (BTC) hovered around $34,500, maintaining a weekly gain of 25%.

According to IntoTheBlock, this growth is 82%All crypto wallets that store bitcoins have acquired the status of “in the money.” On the other hand, 11% of all Bitcoin holders are still experiencing unrealized losses, while 7% are breaking even.

Interestingly, only 11% of all owners have balances containing more than 0.1% and 1% of the circulating supply of bitcoins.

Moreover, 70% are long-termholders who purchased their coins more than a year ago, 24% hold them for 1 to 12 months, and 6% are short-term holders who made acquisitions more recently.

It is important to understand that with a large percentage of holders who have the status of "in-the-money" or in a break-even position, there is also aA higher probability that these holders will decide to sell their holdings in order to realize profits or protect themselves fromfurther losses if the mood changes.

Bitcoin holder data. Source: IntoTheBlock

However, trend signals from IntoTheBlock indicate that the bullish momentum for Bitcoin is not going to end any time soon.

The consolidated signal shows“predominantly bullish” trend, with 3 out of 7 signals indicating its continuation. 2 signals indicate neutral sentiment, and 2 suggests a bearish turn.

Bullish/bearish signals for Bitcoin. Source: IntoTheBlock

Interestingly, one of the bullish signals isa sharp increase in the number of holders “in the money”, an imbalance towards “buy orders” on exchanges and a surge in derivatives. At the time of publication, the volume of open interest in Bitcoin exceeded August levels.

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