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Bitcoin’s 24-hour bloodbath has reduced the number of its investors in profit. According to data from blockchain analytics platform IntoTheBlock, the percentage of BTC holders in the green has crashed from 93% in late July to 75% at the time of writing.
The significant decline in BTC profitable holders comes as the leading cryptocurrency crashed below $50,000 for the first time since February this year.was at this level was in January when the value of the crypto asset formed a local bottom of around $39,000. This was shortly after the United States spot Bitcoin exchange-traded funds went live, eventually triggering an uptrend that saw the cryptocurrency surge to $73,000.were in the money.
Despite recording a few positive days at the beginning of last week, bitcoin has fallen from a multi-week peak of $70,000 to $50,000 in 168 hours. The asset briefly touched $49,513 today beforeIf bitcoin plummets below its current level, then the percentage of holders in profit is bound to take another hit. Regardless, markets are expected to rally soon as analysts believe the bull phase is far from over, so the number of addresses in the money could experience an uptick in the coming weeks.
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