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Bitcoin (BTC) has experienced a sustained decline over the past few days, triggering a reverse growth in the overall profitability of leading cryptocurrencies. Compared to a few weeks ago, the number of profitable addresses on the network is now below 100%. In the last 24 hours, the cryptocurrency’s price has fallen by 1.21% and by more than 3% over the past week, reaching a level of $67,237.24, alongside other key growth metrics also showing a decline.
Daily Active Bitcoin Addresses
According to data from the crypto analytics platform IntoTheBlock, the token’s price drop has caused a 4.02% decrease in daily active addresses (DAA), falling to approximately 930,730. The number of “In the Money” addresses has reached 50.1 million, accounting for 96.39% of total addresses on the network, according to IntoTheBlock. This marks a significant drop from the 100% recorded when the leading cryptocurrency surged to its all-time high (ATH) of over $73,000 last week.
The number of addresses with no balance stands at 870,100, or 1.67% of the total registered addresses on the network. The break-even point addresses amount to 1.01 million, or 1.94% of the network’s total. For Bitcoin profitability to return to the 100% level, the price may need to retest the range between $68,992.54 and $72,500.92. As IntoTheBlock data indicates, approximately 877,770 BTC have been accumulated by over 870,000 addresses, a range identified by experts as a resistance point.
Bitcoin Analytical Reports
Bitcoin‘s rally could be significantly influenced by whale buyers’ actions. Large daily accumulations by BlackRock and other spot Bitcoin ETF issuers, along with MicroStrategy doubling its holdings last week, are noteworthy. However, current data from IntoTheBlock shows a 46.98% drop in large transactions valued at $100,000 and above at the time of writing.
Volume has dropped from $116.22 billion recorded on March 13 to $41.32 billion as of March 16. These metrics could indicate low market sentiment. Nonetheless, analysts suggest that this downward trend could lead to a healthy correction that may prompt a recovery in the near term. With the spot Bitcoin ETF and the upcoming halving event, the Bitcoin price could find a level around $65,000.
