87% of Bitcoin holders in profit despite BTC dip to below $64k

Although the Bitcoin price has struggled to rise since the last rejection of the $70,000 level, the vast majority of BTC holders are still profitable.

Although MicroStrategy purchased 11,931 BTC worth $786 million using proceeds from a recent convertible bond offering, the slight rise in Bitcoin price above $65,000 ended with the flagship cryptocurrency returning below $64,000.

Despite this, data from IntoTheBlock shows that 87% of BTC holders are still in profit. Most holders are above water by purchasing BTC at relatively lower average prices compared to the current level.

On-chain data shows that 46.72 million addresses are currently in the money, while 5.68 million addresses, or approximately 11%, are in the money. Only 2.67% or 1.44 million addresses make money by purchasing BTC at average prices corresponding to the current trading price.

Bitcoin price struggles to rise

Bitcoin, which reached an all-time high of over $73,000 in March, has floundered over the past few weeks. BTC dropped to $56,000 at the beginning of May, then rose above $71,000; A rejection above this level occurred on May 21 and in early June.

On Friday, the price of Bitcoin and Ethereum fell more than 3%, falling below $64,000 and $3,500, respectively.

BTC price is currently around $63,700 while ETH is changing hands around $3,503. The benchmark cryptocurrency is down 8% over the past 30 days and Ether is down 6%; These performances occurred during a period of downward catalysts.

Bearish IntoTheBlock analysts see the $61.9K to $63.8K range as a potential key support area.

BTC selling pressure: what is the catalyst?

Miners continued to sell post-halving as spot Bitcoin ETFs saw net outflows. According to on-chain data, miners sold more than 30,000 BTC in June.

Bitcoin analyst Willy Woo said in a comment shared via X on Friday that miner capitulation will likely continue to be a significant negative factor for BTC in the short term.

“I’ll explain this in simple terms. When will Bitcoin recover? This is when weak miners die and the hash rate recovers,” Woo wrote.

In the analyst’s view, miners are taking longer to capitulate than has been seen historically in the last two post-halving periods, likely due to sequential registrations boosting miner profits.

Meanwhile, selling pressure has increased this week due to potential selling pressure from the German government. Earlier this year, German police seized 50,000 BTC worth (at the time) $2.1 billion from the pirated movie site “Movie2K.” Bitcoin’s price increase has increased the value of the coins to over $3 billion.

This BTC address linked to the seizure moved over $110 worth of Bitcoin to exchanges including Kraken and Bitstamp.