Bitcoin Wallet Addresses in Profit Reach All-Time High Despite Price Dip

Bitcoin has achieved a new milestone as the number of wallet addresses in profit hits a record high, according to on-chain analytics firm Glassnode. Despite the price of Bitcoin being 50% below its all-time highs, the latest data shows that 39.1 million addresses are currently "in the black." This surpasses the previous peak of 38.1 million addresses in profit seen in November 2021 when Bitcoin was trading at all-time highs. Although the percentage of addresses in profit has yet to reach previous levels, the number of non-zero addresses now stands at 48.3 million, indicating a positive trend.

Bitcoin's Recent Gains Impact Investor Profitability

The recent surge in Bitcoin's price has had a significant impact on investor profitability. Despite the current spot price being 50% lower than the all-time highs, the number of addresses in profit has reached an 18-month high of 81.1%. This marks an increase from 60% to 80% over the past two months, as reported by Glassnode. In contrast, the number of addresses at a loss currently stands at just over 9 million, significantly lower than the peak of over 20 million seen in December 2022.

Long-Term Holders Show Minimal Profit-Taking

The recent price action of Bitcoin has resulted in both long-term (LTH) and short-term (STH) holders returning to profit. However, long-term holders have shown minimal profit-taking, indicating a difference in mentality between investor cohorts. James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, noted that long-term holders have remained relatively unaffected, with minimal profit-taking compared to other periods this year.

This article does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment or trading decisions.