According to Glassnode, at least 83% of bitcoin addresses are in a state of profitability.
After the 'slump' of March 12, which was called by fans of catchy titles as 'Black Thursday', we have a rise of 43%. Back then, only 45% of all bitcoin addresses were profitable. It was the lowest point of 2020.
According to the data , the highest percentage of profitable addresses this year, occurred on June 1 and reached 89%, when the price of bitcoin was about 10,400 US dollars - the highest level in four months.
Ciara Sun ✔@CiaraHuobi
83% of #Bitcoin addresses are in a state of #profit - up 43% since the crash in March. @glassnode https://studio.glassnode.com/metrics?a=BTC&m=addresses.ProfitRelative&mAvg=0&s=1498296291&u=1592904291&zoom=1095 …
Of course, those who have invested in bitcoin do not yet see the gains made last year. The price of bitcoin in 2019 reached 13,900 dollars, while the profitable addresses skyrocketed to 95% on June 26.
Glassnode's latest data may be good for the much-anticipated rise, as it shows that bitcoin is not over-purchased yet. An indication of more than 95%, however, usually shows the opposite.
Chainalysis also published a new analysis showing that the majority of bitcoin investors hold them in the long run, indicating that there is no strong intention to sell, despite the fact that further profitability can be achieved.
Crypto analytics says more than 60 percent of the 18.6 million bitcoins mined remain as long-term investments, while only 19% or 3.5 million bitcoins are actively traded on stock exchanges around the world.
The price of bitcoin has nearly doubled to $ 10,000, after the 'halving' that took place on May 11, succeeding in some cases, but the breakouts did not last under any circumstances, as a strong compensation. Most traders consider the $ 10,000 price level to be the key to an impending ups and downs.
