📊 As #Bitcoin surpassed $46,000, almost 90% of the held $BTC supply is now in profit, marking a significant increase from just under 50% recorded at the beginning of the previous year. The surge in prices is attributed to the growing expectation of the approval of a US spot #ETF

In 2023, Bitcoin experienced a remarkable 160% rally and has seen a 50% increase in the last six months, primarily fueled by the anticipation of the #SEC greenlighting an ETF.

This surge has brought many long-term investors, colloquially known as HODLers, into profitable territory 🚀

El Salvador, for instance, reported a $13 million profit on its Bitcoin holdings due to this upward trend. Despite the optimism, the high unrealized profits among #bitcoinholders elevate the risk of a substantial price decline 👀

📉 If Bitcoin reaches $48,500, corresponding to the average unit price of those holding crypto for 2-3 years, a potential market correction might occur…