Bitcoin (BTC) is experiencing a dramatic rebound in its price despite the heavy volatility that is rocking it at the moment. At the time of writing, Bitcoin has jumped by 1.22% in the past 24 hours to take its price to $42,926.38. The volatility has swung Bitcoin’s price from a low of $41,826.34 to a high of $42,999.72 as Bitcoin bulls attempt to breach the $43,000 resistance level.
Amid these broad-based price actions, an intriguing event happened on-chain – Bitcoin’s profitability hit 84.84%, sending more addresses into the money. According to data from IntoTheBlock, current metrics place addresses in the money at 43.74 million, a figure that compares to just about 5.98 million in loss and 1.83 million addresses at their break-even points.
Thus far this year, there has been a drastic shift in Bitcoin’s profitability, which dropped as low as 60% at some point. However, improved sentiment on the market and the upcoming Bitcoin halving event have proven to be a key reminder of why Bitcoin is the biggest asset in the crypto world by market capitalization.
Bitcoin ETF as ultimate game-changer
While the halving event is certain and will come sometime in April next year, another crucial event shaping the embrace of Bitcoin at this time is the spot ETF approval projection from the United States Securities and Exchange Commission (SEC).
As predicted by many experts in the industry, the Bitcoin ETF might be the ultimate game-changer that will confirm full propulsion into the bull market cycle. Already, Wall Street is expecting a $100 billion capital inflow into the product if approved, a move that might trigger a mega run in price moving forward.
Despite its uncertainty, market players are beginning to price in the impact of spot Bitcoin ETF, hence, the jump in price seen today.
