With bitcoin (BTC-USD) approaching new all-time highs after exceeding $65K, most blockchain addresses holding the token are sitting on unrealized gains, CoinDesk reported on Monday, citing data from analytics firm IntoTheBlock.

Specifically, over 97% of bitcoin (BTC-USD) addresses are now "in the money," meaning most holders bought their BTC below the token's going market rate of $66.4K as of late morning trading.

That marks the highest proportion of BTC addresses in profit since November 2021, when the highest-profile crypto (BTC-USD) hit a record high of ~$69K.

"Given the substantial percentage of addresses in profit, the selling pressure from users attempting to break even no longer has a significant effect," IntoTheBlock said in a Friday newsletter, CoinDesk reported.

"For newcomers entering the market to purchase coins, they are essentially buying from existing users who are already realizing a profit," the firm added.

Thanks in part to robust inflows into U.S.-listed spot bitcoin (BTC-USD) exchange-traded funds, the token has jumped 50.8% so far this year, adding to 2023's 165.1% surge.