Nearly 90% of bitcoin (BTC) supply being held is in profit as prices climbed past $46,000 Tuesday in growing anticipation of approval for a U.S. spot exchange-traded fund (ETF), CryptoQuant data show. That's up from just under 50% at the start of last year. Bitcoin rallied almost 160% in 2023 and has gained 50% in the last six months, largely in anticipation of the U.S. Securities and Exchange Commission approving an ETF. The price surge took many HODLers – slang for long-term investors – into the black. However, CryptoQuant analysts warned in a recent report that high unrealized profits amongst bitcoin holders raise the risks of a sharp price decline.
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