Bitcoin (BTC) has more wallet addresses in profit than ever before despite BTC price being 50% below all-time highs.
The latest data from on-chain analytics firm Glassnode shows a record number of addresses “in the black.”
$34,000 BTC price returns over 80% of Bitcoin addresses to profit
Bitcoin may be nearing 18-month highs, but its recent gains were already enough to spark significant changes in investor profitability.
Per Glassnode data, the number of addresses in profit as of Oct. 30 was 39.1 million.
This the highest number ever recorded for Bitcoin, and beats the previous peak of 38.1 million seen in November 2021.
At that time, BTC/USD itself traded at all-time highs, and thus 100% of addresses in existence with a non-zero balance were in profit.
While current spot price remains 50% lower than those levels, total non-zero addresses now number 48.3 million.
In percentage terms, in-profit addresses have yet to match their performance in absolute numbers, but are nevertheless at 18-month highs of 81.1%.
The tally has gone from 60% to 80% over the past two months, Glassnode additionally shows.
By contrast, addresses at a loss currently stand at just over 9 million. At their peak in December 2022, following the FTX meltdown, the total was over 20 million.
Long-term holders see “minimal” profit-taking
As Cointelegraph reported, the past week has seen BTC price action pass multiple resistance levels while returning both long-term (LTH) and short-term (STH) holders to profit.
Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research
This in turn sparked profit-taking at the more speculative end of the hodler spectrum — especially as the market passed $34,000.
For James Van Straten, research and data analyst at crypto insights firm CryptoSlate, this underscores the difference in mentality between cohorts.
“Bitcoin has shown remarkable strength above $34k for the past five days while witnessing one of the strongest profit-takings in the past two years, from STHs,” he argued on Oct. 29.
“LTHs have barely budged, the sixth largest profit-taking this year, but minimal in the grand scheme of things.”
Accompanying charts from Glassnode tracked inflows to exchanges from LTHs and in-profit STH entities.
This article…
Click Here to Read the Full Original Article at Cointelegraph.com News…
