- Bitcoin and Ethereum reached historic profit levels.
- ETH and BTC have yet to support price increases.
Bitcoin [BTC] And Ethereum [ETH] have achieved historic profit levels despite recent price fluctuations. While profits have reached notable milestones, the number of holders has also steadily increased.
Bitcoin and Ethereum reached historic profit levels
An analysis of Santiment data showed that Bitcoin And Ethereum have reached historic profit levels.
At the time of writing, over 83% of Bitcoin supply was profitable, although this marked a decline from the 89% observed at the beginning of this year.
Likewise, Ethereum’s profit supply currently stood at over 84%, down slightly from over 85% at the start of the year. It’s worth noting that current profit levels for these assets are historic, as the last time such levels were observed was in 2021.
Source: Santiment
More and more Bitcoin and Ethereum holders continue to emerge
An analysis of Bitcoin and Ethereum holders on Santiment showed parallel growth with the rising profit supply.
If we examine the total number of Bitcoin holders from August 2023 to date, there has been an addition of more than 4 million holders.
At the time of writing, the number of BTC holders was almost 53 million. Also, the chart showed an upward trend, indicating a continued increase in the number of holders.
Source: Santiment
Similarly, an analysis of the total number of Ethereum holders showed an increase of over 9 million over the same period.
At the time of writing, the number of ETH holders was almost 113 million. Also, like BTC, there was a noticeable upward trend in the chart, indicating a consistent increase in the number of holders.
ETH maintains a bull trend, while BTC declines from it
The daily timetable for Ethereum showed recent swings between gains and losses.
Nevertheless, the price remained higher than that of the previous months. At the time of writing, Ethereum was trading around $2,500, down less than 1%.
Nevertheless, the Relative Strength Index (RSI) indicates a strong bull trend, with the RSI just below 60.
Source trading view
In contrast, the daily timeframe chart for Bitcoin reflects a less favorable recent price trend. At the time of writing, Bitcoin is trading around $42,500 and has seen a decline of less than 1%, putting it in a bear zone.
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The BTC RSI was below the neutral line, indicating a bearish trend.
CoinMarketCap Data showed that Bitcoin’s current circulating supply was approximately 19.6 million, while Ethereum’s circulating supply was approximately 120.1 million.
Source: trading view
