{"id":184294,"date":"2023-10-31T14:06:05","date_gmt":"2023-10-31T08:36:05","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=184294"},"modified":"2023-10-31T14:06:05","modified_gmt":"2023-10-31T08:36:05","slug":"there-are-now-nearly-40m-bitcoin-addresses-in-profit-a-new-record-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/there-are-now-nearly-40m-bitcoin-addresses-in-profit-a-new-record-crypto-news\/","title":{"rendered":"There are now nearly 40M Bitcoin addresses in profit \u2014\u00a0a new record – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) has more wallet addresses in profit than ever before despite BTC price being 50% below all-time highs.<\/p>\n

The latest data<\/a> from on-chain analytics firm Glassnode shows a record number of addresses \u201cin the black.\u201d<\/p>\n

$34,000 BTC price returns over 80% of Bitcoin addresses to profit<\/h2>\n

Bitcoin may be nearing 18-month highs, but its recent gains were already enough to spark significant changes in investor profitability.<\/p>\n

Per Glassnode data, the number of addresses in profit as of Oct. 30 was 39.1 million.<\/p>\n

This the highest number ever recorded for Bitcoin, and beats the previous peak of 38.1 million seen in November 2021.<\/p>\n

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.<\/p>\n

While current spot price remains 50% lower than those levels, total non-zero addresses now number 48.3 million.<\/p>\n

Bitcoin addresses in profit chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

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%.<\/p>\n

The tally has gone from 60% to 80% over the past two months, Glassnode additionally shows.<\/p>\n

Bitcoin % addresses in profit chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

Bitcoin addresses in loss chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Long-term holders see “minimal” profit-taking<\/h2>\n

As Cointelegraph reported, the past week has seen BTC price action pass multiple resistance<\/a> levels while returning both long-term (LTH) and short-term (STH) holders to profit.<\/p>\n

Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains \u2014 Research<\/a><\/em><\/strong><\/p>\n

This in turn sparked profit-taking at the more speculative end of the hodler spectrum \u2014 especially as the market passed $34,000.<\/p>\n

For James Van Straten, research and data analyst at crypto insights firm CryptoSlate, this underscores the difference in mentality between cohorts.<\/p>\n

\u201cBitcoin 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,\u201d he argued<\/a> on Oct. 29.<\/p>\n

\u201cLTHs have barely budged, the sixth largest profit-taking this year, but minimal in the grand scheme of things.\u201d<\/p><\/blockquote>\n

Accompanying charts from Glassnode tracked inflows to exchanges from LTHs and in-profit STH entities. <\/p>\n

Bitcoin exchange inflows composite chart. Source: James Van Straten\/X<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 \u201cin the black.\u201d $34,000 BTC price returns over 80% of Bitcoin addresses to profit Bitcoin may be nearing 18-month highs, but its […]<\/p>\n","protected":false},"author":2,"featured_media":184295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-184294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=184294"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184294\/revisions"}],"predecessor-version":[{"id":184297,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/184294\/revisions\/184297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/184295"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=184294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=184294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=184294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}