Bitcoin Wallet Addresses in Profit Reach All-Time Highs

The Surprising Rise of Bitcoin Addresses in Profit

Despite Bitcoin’s price lounging 50% below its all-time high, a recent analysis from on-chain experts has revealed that wallet addresses holding Bitcoin are basking in newfound profitability. Yes, you read that right! According to Glassnode, as of October 30, a staggering 39.1 million Bitcoin addresses are now officially ‘in the black’, outdoing the previous record set in November 2021.

The Significant Shift in Bitcoin’s Profit Landscape

In a couple of months, the number of profitable addresses soared from a mere 60% to a jaw-dropping 81.1%. That’s what we call a bullish trend! And while Bitcoin’s price still frolics well below that all-time high, the sheer volume of non-zero addresses has hit 48.3 million. Talk about a resilient community!

Comparing Profitability: Then vs. Now

Let’s take a stroll down memory lane. Back in November 2021, when Bitcoin was spiking like a kid on sugar, a whopping 100% of addresses with any balance were swimming in profits. Today, despite the price being around $34,000, there’s still a good amount of steak left on the grill for many holders. Still not convinced? Check this out:

Current addresses in profit: 39.1 million
Addresses at a loss: 9 million
Peak loss addresses in December 2022: Over 20 million

Long Term vs. Short Term Holders: A Mentality Shift

With the rise in Bitcoin’s price, there’s been a small (but notable) spike in profit-taking from short-term holders (STHs), as mentioned by research analyst James Van Straten. However, long-term holders (LTHs) are simply not budging. It’s like they’re holding onto their Bitcoin like a group of friends clinging to a karaoke mic at a party. Long-term holders aren’t easily shaken!

What the Numbers Mean for Bitcoin Investors

The fact that LTHs are minimally taking profits may suggest a more bullish outlook among more seasoned investors. They seem to be taking a ‘long game’ approach, while STHs are enjoying the excitement of quick flips. Regardless, whether you’re a long-term investor or a short-term trader, it’s crucial to remember that every investment carries risk. Do your homework, and happy trading!