BTC Addresses In Profits Reach All-Time High
The price of Bitcoin (BTC) is currently half its all-time high. However, data from on-chain analytics firm Glassnode shows that the number of wallet addresses profiting has reached an all-time high.
As of October 30, 39.1 million Bitcoin addresses were “in the black,” per the report, a historic high that surpassed the previous peak of 38.1 million in November 2021. It is worth noting that during that period, BTC/USD was trading at all-time highs.
These findings indicate that a sizable portion of the Bitcoin community remains optimistic about the cryptocurrency’s long-term profitability. It differs from traditional market sentiment, in which price movements frequently dictate investor behavior.
While Bitcoin’s price has not yet reached its all-time high, the record number of profitable addresses highlights the asset’s enduring appeal, setting a positive tone for its future trajectory in the rapidly evolving digital asset landscape.
Dwindling Addresses In Profits
Despite Bitcoin’s current spot price being half its historical high, the total number of non-zero addresses has now exceeded 48.3 million. Meanwhile, addresses in profit have yet to achieve the same level of performance in absolute numbers as they have in percentages.
But they have risen to an 18-month high of 81.1%. Per data from Glassnode, this represents a substantial increase from 60% just two months ago. In stark contrast, the number of addresses that have been lost currently stands at just over 9 million.
It is a significant decrease from their December 2022 peak, following the FTX meltdown, when the total reached more than 20 million. These figures illustrate the Bitcoin community’s confidence, which appears unaffected by the current price level compared to its all-time high.
Profit-Taking For BTC Long And Short-Tern Holders
Bitcoin has shown remarkable resilience over the last week, breaking through several resistance barriers and restoring profits for long-term (LTH) and short-term (STH) BTC holders.
This resurgence has triggered a wave of profit-taking among the more speculative segment of the holder community, especially when the price of the leading digital asset broker through the $34,000 barrier. The scenario was highlighted by James Van Straten, a research and data analyst, who explained the distinct mindset of the categories of holders.
Glassnode’s accompanying metrics further highlight the influx of funds to exchanges from both LTHs and for-profit STH entities. This metric indicates a balanced market sentiment, with some investors taking advantage of recent gains while others remain steadfast in their long-term positions.
Bitcoin’s ability to enable profit-taking multiple times, regardless of market fluctuations for various categories of holders, further makes it more appealing.
