Bitcoin Surpasses $117,000, Over 95% of Supply Now Profitable
- Bitcoin’s price has surged beyond $117,000, making over 95% of circulating Bitcoins profitable.
- A significant movement of approximately 32,322 BTC (valued at $3.93 billion) occurred from dormant wallets inactive for three to five years.
- On October 7th, a whale transferred 3000 BTC to Hyperunit, prompting speculation about Ethereum accumulation.
- Currently trading around $123,000, Bitcoin is being viewed as a safe-haven asset amid U.S. government shutdown concerns.
The recent surge in Bitcoin’s price indicates a euphoric market phase where many investors are likely considering profit-taking due to significant unrealized gains. This situation may lead to increased market volatility as traders react to the changing dynamics.
With over $3.93 billion worth of Bitcoin moving from dormant wallets and more than 95% of the supply now profitable, the current market landscape presents both opportunities and risks for investors.
