• After Bitcoin reached $50,000, 86 percent of all Bitcoin holders are now profiting

  • On-chain data suggests that nearly 90% of all Bitcoin holders on the market are now profiting as a result of the recent rapid Bitcoin price increase. Aside from the profitability of almost all Bitcoin addresses on the network, the coin’s development activity rises in tandem with the asset’s price. Weighted sentiment, on the other hand, is far from euphoric for unknown reasons.

    Almost every Bitcoin address is profitable.

    After achieving a minimum of 70% in June, most of the addresses on the chain entered the profit zone after Bitcoin reached $50,000 per coin. Since the average entry into the market is approximately $45,000, on-chain data implies that most Bitcoin owners are still profiting. The indicator’s maximum value was obtained in late April and early May, when Bitcoin was hitting all-time highs on a daily basis.

    The indicator’s high values may indicate that the market is becoming oversaturated, and traders may profit sooner or later to avoid becoming victims of a possible market retracement.

    Development activity has been stepped up.

    Bitcoin’s price has a strong correlation with Github development activity, according to Santiment data. Only in May did Bitcoin’s development activity reach the same levels. The indicator displays the rate of GitHub submissions. Bitcoin’s fundamental development could be an appealing sign for a variety of investors.

    The first indicators of a market that has become overbought

    Despite the fact that Bitcoin’s development activity has returned to May levels and the price is approaching the ATH of $65,000, weighted sentiment was at $27,000 in early-mid July. The biggest reason could be the 35-day price increase, which could cause market participants and influencers to be skeptical. Overall market statistics and technical indications point to a little overheating of the market.

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