Holding Bitcoin has been unprofitable only on these days

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Quick Take

According to data gathered by Newhedge over the past 5,024 days, dating back to 2010, Bitcoin has been profitable for an impressive 4,947 days. This means that the digital asset has only experienced 77 days of being unprofitable, equating to a 98.5% profitability rate. Despite the recent bearish sentiment in the market, Bitcoin continues to trade at around $63,000, with only brief periods in April and November 2021, and from Feb. 28 to April 17, it has been more profitable.

Bitcoin Profitable days: (Source: Newhedge)

The bearish sentiment surrounding Bitcoin can be attributed to several factors, including the upcoming halving event and the digital assets’s tendency to experience negative price performance before the halving. Additionally, ETF inflows have started to dry up and even turn negative. While potential conflict in the Middle East remains a concern, the recent drop in Brent Crude Oil prices from $92 to $87 suggests that the worst may be behind us.

In a positive turn of events, Bitcoin funding rates have flipped back to positive after being negative over the weekend. Historically, this has been a good contrarian indicator for marking bottoms in cycles.