Prices are down 73%, but 99% of Bitcoin holders remain in profit, indicating long-term conviction in the asset. According to IntoTheBlock, only 0.88% of all Bitcoin holders are currently underwater, meaning they purchased their coins at a higher average price than the current market.” “That’s the lowest this indicator has hit since March 2020,” the on-chain analytics firm tweeted. The data provides insights into the overall sentiment of market participants, suggesting that despite the ongoing downturn, most investors appear confident in Bitcoin’s long-term prospects.

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