Bitcoin Resurgence: Almost 40 Million Bitcoin Addresses in Profit

  • Glassnode data showed close to 40 million Bitcoin wallet addresses were in profit.
  • The figure marked an all-time high, surpassing levels last seen during the 2021 bull market. 
  • Addresses currently holding at a loss hover around 9 million, a decrease from the 20 million seen last December.

Following the recent upward trend in the world’s largest cryptocurrency, Bitcoin, Glassnote data shows the number of Bitcoin wallet addresses holding the digital asset profitably has also increased. 

Indeed, the latest data from the on-chain analytics firm revealed that nearly 40 million Bitcoin addresses were in profit. This sudden rise came on the back of a recent market rally that took Bitcoin’s price as high as $35,000. 

Bitcoin wallet addresses in profit chart. Source: Glassnode

The recent spike marked the highest amount of Bitcoin wallet addresses in profit, surpassing the 38.1 million recorded during the 2021 bull market. More so, the spike is coming at a time when BTC’s price is still considerably below its all-time high.  

Despite the increase, the 2021 levels still surpassed current standings, as over 100% of Bitcoin addresses with a non-zero balance were in profit. In contrast, total non-zero addresses now stand at around 48.3 million.

Furthermore, the addresses currently holding at a loss hover around 9 million. The figure is a significant decline from the levels seen in December 2022 following the FTX meltdown. At that time, the total was over 20 million addresses. 

Although in-profit addresses had not yet reached their absolute performance levels in percentage terms, they were still at 18-month highs of 81.1%. Glassnode data indicated that the tally increased from 60% to 80% in the past two months. 

Turning to CoinMarketCap, Bitcoin’s upward trend has slowed down considerably. On the weekly price chart, the token is now sitting in the red zone with a marginal loss of 0.60%. At present, the token is exchanging hands at $34.454 a token, a 0.30% drop in the last 24 hours. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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