Bitcoin (Bitcoin) has more wallet addresses in profit than ever before even though the BTC price is 50% below its all-time highs.
the Latest data From on-chain analysis firm Glassnode shows that a record number of addresses are “in the black.”
BTC price of $34,000 gives profit to more than 80% of addresses
Bitcoin may be approaching 18-month highs, but its recent gains have already been enough to cause significant changes in investor returns.
According to Glassnode data, the number of profitable addresses as of October 30 was 39.1 million.
This is the highest number ever recorded for Bitcoin and exceeds the previous peak of 38.1 million seen in November 2021.
At the time, the BTC/USD pair itself was trading at all-time highs, so 100% of existing addresses with non-zero balance were making profits.
Although the current spot price is still 50% below those levels, the total number of non-empty addresses now stands at 48.3 million.
In percentage terms, profitable titles have yet to match their performance in absolute numbers, but have reached an 18-month high of 81.1%.
In the past two months, the percentage has increased from 60% to 80%, according to Glassnode.
In contrast, loss-making titles currently stand at just over 9 million. At its peak in December 2022, after the FTX collapse, the total was more than 20 million.
Longer-term bondholders see a “minimum” round of gains
As Cointelegraph reported, Bitcoin’s price action broke through multiple resistance levels last week, with gains being returned to both long-term holders (LTH) and short-term holders (STH).
This in turn led to profit taking at the more speculative end of the Hodler spectrum, especially when the market surpassed $34,000.
For James Van Straaten, a research and data analyst at cryptocurrency information company CryptoSlate, this highlights the difference in mindset between the groups.
“Bitcoin has shown remarkable strength over $34,000 over the past five days, while also seeing some of the strongest profit-taking in the past two years, by STHs.” Lawsuit On October 29th.
“LTH has barely moved, the sixth-largest profit taking this year, but minimal overall.”
The accompanying Glassnode charts track inflows to LTH exchanges and for-profit STH entities.
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