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With digital assets like Bitcoin and Ethereum falling in price, investors are now moving their coins at a loss for the first time since December. Could this be a sign that BTC, ETH and Co.
Bitcoin and Ethereum profitability at new lows
Bitcoin’s drop from over $25,000 to $21,000 over the past week has dragged down the coin’s profitability with it. In light of this, blockchain researchers Santiment mention: Investors in both digital assets are starting to move their coins again at a loss.
This is happening for the first time since December 2022 – in 2023 the crypto market finally started a significant rally. In the first two months, Bitcoin and Ethereum investors moved their coins at a profit as the price of BTC and ETH rose above $25,000 and $1,700 respectively.
Data from IntoTheBlock supports data from Santiment. They show that only 65% of BTC investors are currently making a profit. Likewise, profitability for ETH investors has fallen, with 59% of investors now reporting profits, while wallets with losses are currently up to 37%.
Has the bottom been reached?
The renewed decline in the profitability of Bitcoin and Ethereum could indicate a bottom. This is all the more likely since investors last moved their assets to such losses in December – which then led to a rally the following month.
The decline in these cryptocurrencies was expected given how quickly both have risen over the past few weeks. In fact, asset pullbacks are considered healthy because they are able to create better rebound points again.
If this proves to be a bottom for Bitcoin and Ethereum, the crypto market could be preparing for an even more meaningful rally. Based on the January/February numbers, the price of BTC could go above $26,000 – and when that happens, $30,000 is on the horizon.
Interestingly, BTC and ETH are trading well above their 50-day and 100-day moving averages. This has been positive for the tires in the past – and means the decline may be temporary. However, there is also a chance that this is not the bottom and there is more downside to come.
Currently (at the time of writing), Bitcoin is changing hands at a price of $23,383 while Ethereum is trending at $1,637. Both assets have seen losses of 5.69% and 4.39% respectively in the last 24 hours.
Should you buy Bitcoin or Ethereum now?
Given the unclear price development in the short term, it would be worth waiting to buy. Forecasters also see risk-optimized return potential at Metropoly (METRO). The Metropoly project is developing the first NFT marketplace for real estate – with numerous advantages: completely transparent, no hidden fees, usable worldwide – and decentralized. The Metroplacht is aimed at investors interested in building passive income. Because: All NFTs represent the Metro real estate market – one broken down into many pieces. And whoever buys one of these pieces should already be able to benefit from the monthly rental income. The goal: to make real estate investments accessible to everyone – regardless of location or creditworthiness. In the current presale, 1 METRO currently costs $0.0625, and the price will increase at the start of the next presale phase.
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Text credit: Bitcoinist
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