Most Bitcoin Buyers Are in the Money Ahead of the Halving, Data Suggests

With bitcoin more than doubling in price since “Black Thursday” nearly two months ago, nearly 85% — or 25.79 million — of addresses holding the cryptocurrency are now “in the money,” according to blockchain intelligence firm IntoTheBlock. However, the current state of the bitcoin market is warning of a post-halving price pullback. 

The number one cryptocurrency by market value is trading near $10,000 at press time – up nearly 160% from the low of $3,867 registered on March 12, according to CoinDesk’s Bitcoin Price.

An address is said to be in the money if the current price of bitcoin is higher than the price at which the coin was purchased or sent to the address. 

While 85% of the addresses are in the money, 10.8%, or 3.28 million addresses are out of the money or have acquired coins at an average price higher than the current market price. The remaining 4.1% (1.24 million) are at the money, meaning the average price they…