Bitcoin has recently reached a significant milestone, with 100% of tracked Bitcoin wallets now in profit, according to on-chain data from IntoTheBlock. This achievement coincides with Bitcoin's surge to a new all-time high of approximately $111,800. Michael Saylor, executive chairman of MicroStrategy, emphasized this development by stating, "No one has ever lost money buying Bitcoin."
The realized profits from Bitcoin have reached $2 billion, signaling a robust bull market. Analysts note that such high levels of profit realization often indicate strong market momentum. However, they also caution that if the market cannot sustain this momentum, signs of fatigue may emerge.
In the derivatives market, trading volume has increased by 84% to $221 billion, and open interest has risen by 17%, indicating heightened leveraged positions. Funding rates remain positive, suggesting that traders are paying to maintain long positions. Notably, $179 million worth of short positions were liquidated in the past 24 hours, compared to $51.61 million in long liquidations.
Analysts are now focusing on key resistance levels, with projections suggesting potential price targets ranging from $120,000 to $150,000 in the coming months. This outlook is supported by increased holdings in Bitcoin spot ETFs and a general reluctance among investors to take profits at current levels.
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