Despite Bitcoin’s price being 50% below its all-time highs, a new milestone has been reached with approximately 80% of Bitcoin addresses now in profit at the $34,000 level.
As of October 30, Glassnode’s latest data reveals that a record 39.1 million Bitcoin addresses are “in the black,” surpassing the previous peak of 38.1 million observed in November 2021 when BTC/USD was at its all-time high.
While the current Bitcoin spot price is considerably lower than those historic levels, the total number of non-zero addresses has risen to 48.3 million. In terms of percentages, the in-profit addresses have reached an 18-month high at 81.1%, up from 60% over the last two months.
In contrast, addresses at a loss now stand at just over 9 million, significantly lower than their peak in December 2022, following the FTX meltdown, when the total reached over 20 million.
This recent surge in profitability has prompted some profit-taking, especially among more speculative holders, as Bitcoin has maintained strength above $34,000. Analysts note a difference in mentality between short-term holders (STHs) and long-term holders (LTHs), with the latter showing resilience during the recent profit-taking, marking it as the sixth-largest profit-taking event this year but minimal in the broader context.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoassets.