Bitcoin

James

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 80% of Bitcoin addresses are "in the black" at $34,000, while BTC price still trades 50% below its own all-time highs.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) has more wallet addresses in profit than ever before despite BTC price being 50% below all-time highs.</p>
 <p>The latest data from on-chain analytics firm Glassnode shows a <a rel="noopener noreferrer nofollow" title="record" href="https://thebittimes.com/tag/record.html">record</a> number of <a rel="noopener noreferrer nofollow" title="addresses" href="https://thebittimes.com/tag/addresses.html">addresses</a> “in the black.”</p>
 <h2 id="34-000-btc-price-returns-over-80-of-bitcoin-addresses-to-profit">$34,000 BTC price returns over 80% of Bitcoin addresses to profit</h2>
 <p>Bitcoin may be nearing 18-month highs, but its recent gains were already enough to spark significant changes in investor profitability.</p>
 <p>Per Glassnode data, the number of addresses in profit as of Oct. 30 was 39.1 million.</p>
 <p>This the highest number ever recorded for Bitcoin, and beats the previous peak of 38.1 million seen in November 2021.</p>
 <p>At that time, BTC/USD itself traded at all-time highs, and thus 100% of <a rel="noopener noreferrer nofollow" title="addresses" href="https://thebittimes.com/tag/addresses.html">addresses</a> in existence with a non-zero balance were in <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a>.</p>
 <p>While current spot price remains 50% lower than those levels, total non-zero addresses now number 48.3 million.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/31/987c232d12f3046973a0461c0cad9ca7.webp">
  <figcaption style="text-align: center;"><em>Bitcoin addresses in profit chart. Source: Glassnode</em>
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 <p>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>
 <p>The tally has gone from 60% to 80% over the past two months, Glassnode additionally shows.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/31/da517bfb49f8a3031d378f2d9f332710.webp">
  <figcaption style="text-align: center;"><em>Bitcoin % addresses in profit chart. Source: Glassnode</em>
  </figcaption>
 </figure>
 <p>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>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/31/dfbadfe31dd39a2e113c958d358121d4.webp">
  <figcaption style="text-align: center;"><em>Bitcoin addresses in loss chart. Source: Glassnode</em>
  </figcaption>
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 <h2 id="long-term-holders-see-minimal-profit-taking">Long-term holders see "minimal" profit-taking</h2>
 <p>As Cointelegraph reported, the past week has seen BTC price action pass multiple resistance levels while returning both long-term (LTH) and short-term (STH) holders to profit.</p>
 <p><strong><em>Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research</em></strong></p>
 <p>This in turn sparked profit-taking at the more speculative end of the hodler spectrum — especially as the market passed $34,000.</p>
 <p>For James Van Straten, research and data analyst at crypto insights firm CryptoSlate, this underscores the difference in mentality between cohorts.</p>
 <p>“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,” he argued on Oct. 29.</p>
 <blockquote>
  “LTHs have barely budged, the sixth largest profit-taking this year, but minimal in the grand scheme of things.”
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 <p>Accompanying charts from Glassnode tracked inflows to exchanges from LTHs and in-<a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> STH entities.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/31/bca347f28af53bc65dc7aa73d891f859.webp">
  <figcaption style="text-align: center;"><em>Bitcoin exchange inflows composite chart. Source: James Van Straten/X</em>
  </figcaption>
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 <p class="post-content__disclaimer">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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/there-are-now-nearly-40m-bitcoin-addresses-in-profit-a-new-record-tbt68450.html">https://thebittimes.com/there-are-now-nearly-40m-bitcoin-addresses-in-profit-a-new-record-tbt68450.html</a></p>

There are now nearly 40M Bitcoin addresses in profit — a new record

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