Crypto Analyst “Plan B” Shares Positive News About Bitcoin Profitability
One of the renowned analysts known as “PlanB,” the creator of the “Stock-to-Flow” model for Bitcoin, took to the social media platform Twitter to share some good news with the community regarding the world’s leading cryptocurrency, BTC.
PlanB shared a chart for Bitcoin, indicating that 90% of the total Bitcoin supply is currently in profit. This marks the highest value on this chart since Bitcoin reached its all-time high at $69,000 in mid-November 2021.
A more detailed analysis of the chart reveals orange points, signifying that 90% of all mined bitcoins are currently profitable. In a YouTube video linked in the tweet, PlanB explained that red points will appear on the chart when 100% of the total Bitcoin supply is profitable. The red color consistently follows the current orange color. PlanB does not expect profitability to drop to 60% now (represented by yellow points on the chart), as this scale must first reach the “red” level of profitability. The analyst added that currently, only those who bought Bitcoin at the peak prices in 2021 are experiencing losses, and everyone else holding Bitcoin is currently in profit.
Profitability for 90% of the total Bitcoin supply is achieved, the highest level since October 2021.
This achievement is likely to be realized as the Bitcoin halving event approaches in mid-April of this year, the fourth such event in Bitcoin’s history. Looking at the chart, it becomes clear that previous times when Bitcoin reached the “red” level were in 2021, following the halving in 2020. Previously, the same level was briefly reached in 2019 and before that in 2018 after reaching the all-time high at $20,000 in December 2017.
Whales Continue to Accumulate Bitcoin
According to the trader and renowned cryptocurrency analyst on Twitter, Ali Martinez, Bitcoin whales continue to accumulate the cryptocurrency. According to his data, there are now 73 new whale addresses owning 1000 or more Bitcoin, representing a 3.66% increase over the past two weeks.
However, according to Santiment, the number of wallets holding Bitcoin continues to decline. This happens despite less than four weeks passing since the approval of Bitcoin spot exchange-traded funds (ETFs) by the Securities and Exchange Commission. Santiment believes this decline may be due to Fear, Uncertainty, and Doubt (FUD).
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