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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Data Shows The Majority of Bitcoin is Held at a Profit

July 15, 2021 GMT

DETROIT, July 15, 2021 /PRNewswire/ -- Benzinga, a fintech media company providing news and data to retail investors and cryptocurrency traders, publishes its latest data study: If You’ve Lost Money Investing in Crypto, You May Be a Bad Investor.

Despite Bitcoin plummeting 50% in value, about 70% of Bitcoin in existence are held in profit. Not only this, but on-chain data suggests that those who have sold their Bitcoin in the recent months were short-term holders selling at a loss.

Ethereum has shown a similar trend, with about 80% of the token’s supply held at a profit. Many cryptocurrency investors are expecting their investments to appreciate after the upgrade to Ethereum’s network slated to launch on August 4th, 2021.

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This upgrade, dubbed EIP-1559, will change the framework for transactions on Ethereum. Rather than bidding for network space to process transactions on Ethereum, users will pay a base fee plus a tip to Ethereum miners. This base fee is burned, reducing the supply of Ether in existence. As more users interact with the Ethereum blockchain, more Ether will be burnt, causing Ethereum’s supply to become deflationary.

Read If You’ve Lost Money Investing in Crypto, You May Be a Bad Investor in its entirety for the full report and analysis.

Benzinga regularly conducts data studies and publishes its findings. Read Benzinga Reports: Bitcoin Predicted to Crush Bitcoin’s ROI in 2021 for more data like this.

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Sign up to receive the latest Benzinga news and offerings here and follow Benzinga on Instagram, Facebook, Twitter and subscribe to the BenzingaTV YouTube channel to stay in the loop.

For further information, please contact Ryan McNamara at ryanmcnamara@benzinga.com or reach out via Twitter @Ryan15McNamara

View original content: https://www.prnewswire.com/news-releases/data-shows-the-majority-of-bitcoin-is-held-at-a-profit-301335109.html

SOURCE Benzinga