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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

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    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

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    Courtyard Tops Sales, Doodles Leads in Growth

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    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

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    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

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    NFT sales drop to $129.8m, Avalanche sales surge 200%

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    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

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    BeraTone NFT Avatars Are Now Minting Live on OpenSea

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    The Biggest Shutdowns So Far in 2025

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    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

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    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

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    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

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    Why GamStop Players Try Competitive Gaming

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    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

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  • Guides
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    What Is Asset Tokenization? Types, Why It Matters Now [2025]

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

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    Courtyard Tops Sales, Doodles Leads in Growth

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    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

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    NFT sales drop to $129.8m, Avalanche sales surge 200%

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    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

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    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

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    Blockchain And Crypto Are Future of Online Gambling

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    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

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    Why GamStop Players Try Competitive Gaming

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    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Over 80% of Bitcoin wallets are now at a profit – bull trend to follow?

December 10, 2023
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Posted: December 2, 2023
| Last updated: December 5th, 2023


  • 80% of BTC addresses are now held at a profit.
  • 180-day MVRV remains positive at around 24%.

Recent data on Bitcoin [BTC] indicates that it has achieved its highest level of profitability in nearly two years.

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

Bitcoin shows 2021 pre-bull run trend

IntoTheBlock revealed that around 80% of Bitcoin wallets currently hold the asset at a profit. This marks the highest level of profitability since December 2021.

The surge in profitability can be attributed, in part, to the spot price at which the majority of these wallets initiated their trades.

The current profitability level places BTC in a comparable position to that observed in 2020–21 before the bull run.

Furthermore, there is a notable rise in institutional accumulation, as evidenced by an increase in wallets holding 1,000 BTC or more.

Comparing Bitcoin YTD price trend

An examination of Bitcoin’s daily timeframe price trend showed a notable difference between the spot price at the year’s commencement and the present.

Initially, BTC commenced the year within the $16,000 price range, subsequently experiencing a consistent rise leading to the $22,000 price range.

Furthermore, there was a subsequent rise to the $26,000 price bracket. These levels represent the entry points for a significant portion of the associated addresses, explaining the current profitability level.

BTC/USD price trend

Source: TradingView

As of the latest update, Bitcoin was trading at over $38,000, marking an almost 3% increase in value over the past 48 hours. This current price signified a doubling of value compared to the year’s outset.

See also  Bitcoin: The psychology behind BTC's boom, and why $73K is calling

Also, the chart showed a continuous uptrend for over two months, as confirmed by the Relative Strength Index (RSI) analysis. The RSI, currently around 65, showed a strong bull run, approaching the overbought zone.

Analyzing the BTC long-term MVRV

Analysis of the Bitcoin 180-day Market Value to Realized Value ratio (MVRV) on Santiment confirmed the profitability data by IntotheBlock.

The MVRV chart showed that holders have consistently remained in a profitable position, with only occasional trends going below zero. Since around 20th October, the MVRV has consistently maintained levels above zero.

Bitcoin MVRV

Source: Santiment


Read Bitcoin (BTC) Price Prediction 2023-24


As of the latest update, the MVRV was around 24%. This indicated that BTC holders would realize a profit of over 20% if they chose to sell at the current market price.

The trend suggests that more addresses may enter profitability once there is a full bull run.

 

Tags: BitcoinBullFollowProfittrendwallets

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