Bitcoin hits $68,000, all addresses in profit: whales ramp up acquisitions

Bitcoin, the leading cryptocurrency, surged past the $68,000 mark on Monday, triggering a wave of optimism across the digital asset sphere. IntoTheBlock, a prominent on-chain data source, proudly announced on Twitter that 100% of Bitcoin addresses—totaling 1.06 million—were now in profit. This milestone underscores the remarkable profitability Bitcoin holders enjoy amidst the ongoing bull run.

Bitcoin optimism soars amid record profits

The latest surge in Bitcoin’s price propelled every single Bitcoin address into profit, according to IntoTheBlock’s tweet. This remarkable achievement comes as Bitcoin continues its upward trajectory, nearing its 2021 all-time high of $69,000. 

The surge in Bitcoin’s price has not only invigorated existing investors but has also attracted renewed interest from potential investors eyeing the lucrative returns offered by the cryptocurrency.

In the past week, large cryptocurrency holders, commonly called whales, have significantly ramped up their Bitcoin acquisitions. According to IntoTheBlock’s data, whales acquired a staggering 4,177 BTC—equivalent to over $279 million at current price levels. 

This substantial increase in whale activity underscores growing institutional confidence in Bitcoin’s long-term prospects and its role as a store of value in the digital age.

The recent influx of institutional capital into Bitcoin suggests a broader shift in sentiment within the cryptocurrency market. Despite market volatility and regulatory uncertainty concerns, institutional investors view Bitcoin as a strategic asset with potential significant returns.

Bitcoin fear and greed index reaches extreme levels

CoinMarketCap data reveals that Bitcoin’s Fear and Greed Index has surged into the “extreme greed” zone, reflecting the prevailing sentiment among market participants. This heightened greed underscores the euphoria surrounding Bitcoin’s recent price surge and the widespread belief in its potential for further appreciation.

The Fear and Greed Index is a barometer of market sentiment, measuring the degree of fear or greed prevailing in the market. Extreme levels of greed often indicate overbought conditions and may precede short-term price corrections. However, in the context of Bitcoin’s long-term trajectory, sustained periods of extreme greed have historically been associated with significant price appreciation.