Bitcoin Addresses in Profit: A Thriving Playground Amidst Price Fluctuations

Record High Over 40 Million Bitcoin Addresses are Now Showing Profit

Almost 40M Bitcoin addresses are now making a profit, setting a new record.

Imagine a rollercoaster that defies gravity. Bitcoin (BTC) is the thrill-seeker’s dream that continues to enthrall digital asset investors. Despite BTC’s price being 50% below all-time highs, it has managed to achieve an extraordinary feat. Brace yourselves for the news, folks – Bitcoin has more wallet addresses in profit than ever before! That’s right; the latest data from on-chain analytics firm Glassnode shows a record number of addresses “in the black.” It’s like witnessing a never-ending fountain of financial success!

But what’s the secret ingredient behind this remarkable triumph? BTC’s recent price surge to $34,000 played a key role. This price spike astoundingly paved the way for more than 39.1 million addresses to reap the benefits of profitability. It’s an incredible milestone, surpassing the previous record of 38.1 million seen back in November 2021. Picture a jungle of successful addresses, thriving in an ecosystem of prosperity.

Here’s the twist: when the previous peak was reached, BTC/USD was at all-time highs as well. That meant every single address with a non-zero balance was swimming in profit. Ah, the sweet taste of victory! Now, while the current spot price remains 50% lower, a whopping 48.3 million addresses still maintain a non-zero balance. It’s like a bustling metropolis of thriving addresses, each flaunting their hard-earned profits.

The percentage of in-profit addresses may not have reached the absolute number’s euphoria, but lo and behold, it’s still strikingly impressive at 81.1%. Imagine an amusement park, with colorful flags proudly representing these profitable addresses, waving in the wind. This percentage has surged from a modest 60% to a whopping 80% in just two months. It’s as if these addresses are defying the laws of physics.

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Now, let’s dive into the other side of the spectrum. Addresses currently at a loss stand at just over 9 million. However, let’s compare that to their peak in December 2022 following the FTX meltdown. The total number of addresses in loss at that time exceeded a staggering 20 million. It’s like witnessing a battleground where some addresses are licking their wounds, while others are basking in glory.

So, how do these incredible feats impact long-term holders? Well, they have observed “minimal” profit-taking in the midst of this frenzy. It’s like watching a chess game, where the veterans patiently strategize their moves, while the more speculative players try their luck and take profits when the market passed $34,000. James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, aptly emphasized this intriguing contrast in mentality between cohorts. He tweeted, “Bitcoin 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.” It’s a psychological battle of wits, where the seasoned veterans are unshaken, remaining firmly rooted in their positions.

If you’re craving more eye-popping visuals, Glassnode’s accompanying charts help paint a clearer picture. They track inflows to exchanges from long-term holders (LTHs) and in-profit short-term holders (STH) entities. It’s like observing a complex dance routine between these two groups, showcasing how their decisions affect the market’s dynamics.

In this exhilarating playground of digital assets, Bitcoin continues to surprise and amaze. Despite price fluctuations, it has become the nucleus of financial success. So investors, buckle up and get ready for the ride of a lifetime! Join the vibrant community where addresses flourish and profits skyrocket. Embrace the world of Bitcoin, where even gravity bows down to its mighty power.

And remember, fellow investors, in this wild digital frontier, always stay informed, observe the market’s exquisite dance, and make your moves like a strategic grandmaster. May the profits be ever in your favor!

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