• Bitcoin and Ethereum profitability have fallen to their lowest levels since December.
• Data from Santiment and IntoTheBlock shows that only 65% of BTC investors are seeing profits, while 59% of ETH investors are in the green.
• This could signal a bottom for the digital assets, leading to a potential rally in the near future.
Bitcoin and Ethereum Profitability Fall To 2023 Lows
Bitcoin’s fall from above $25,000 to the $21,000 level last week dragged the coin’s profitability down with it. According to data from Santiment and IntoTheBlock, only 65% of BTC investors are currently seeing profits while 59% of ETH investors are in the green. This could signal a bottom for the digital assets, leading to a potential rally in the near future.
BTC and ETH Investors Moving Coins at Loss
This is the first time since December 2022 that Bitcoin and Ethereum investors would move their coins at a loss as the crypto market started out in 2023 with a significant rally. For two months prior to this fall, these digital assets rallied above $25,000 and $1,700 respectively – but now their profitability has dropped significantly enough that both coins are being moved at a loss once more.
Signalling A Bottom?
Bitcoin and Ethereum’s falling profitability could help to signal a bottom for these two digital assets – especially given that this is similar to what happened back in December when prices dropped before rising again shortly afterwards. Healthy retracements also play an important role here as they can establish better bounce-off points for future rallies.
Potential Rally In Sight?
If this does turn out to be the bottom for both Bitcoin and Ethereum then it’s likely that we will see an even bigger rally soon – perhaps even pushing past January/February figures where BTC cleared $26,000 before swimming into view towards $30,000 territory.
Conclusion
Investors should take note of these changes in pricing as they may indicate an upcoming rise or drop in digital asset prices over time – potentially leading them towards greater profits or losses depending on how they decide to act upon this information.