• 30+ million Bitcoin addresses are currently in profit as the price of Bitcoin hits a 9-month high.
• The data shared by crypto platform Glassnode shows that the percentage of unique addresses with Bitcoin funds in profit were 30,081,429 on Monday morning.
• Addresses with 0.01+ coins hit an all-time high as the events of Terra and Three Arrows Capital collapse in April-early May 2022 helped to push prices below $40k.
The number of Bitcoin addresses that are currently in profit has reached a 9-month high, according to on-chain data shared by crypto platform Glassnode. The data shows that the percentage of unique addresses with Bitcoin funds in profit were 30,081,429 on Monday morning. This figure is a 7-day moving average measure and shows the current value of BTC in the wallets compared to the average buy price, meaning that the 30 million plus BTC addresses currently hold coins that were valued lower at the time of their purchase when compared to their current value.
The last time these many BTC addresses were in profit was in April-early May 2022 – with this happening as the events of Terra and Three Arrows Capital collapse helped to push prices below $40k. Bitcoin eventually sank to lows of $15,600 in November amid the FTX-triggered sell-off that likely saw more people buy Bitcoin. Now BTC is up again and more unique addresses in profit are above 30 million. Addresses with 0.01+ coins have also hit an all-time high, indicating that more individuals are now accumulating Bitcoin and holding it for the long term.
The data from Glassnode also suggests that Bitcoin’s price action is likely to continue in the near future. This would mean that more unique addresses in profit could reach a 9-month high, while the number of non-zero addresses would also hit a 1-month high. This would indicate that more individuals are now entering the cryptocurrency space and accumulating Bitcoin for the long term.
Overall, the data from Glassnode suggests that Bitcoin is continuing to attract more investors and that its price is likely to remain bullish in the near future. This could mean that more individuals are now entering the cryptocurrency space and holding Bitcoin for the long term, which could lead to further price appreciation. As such, it is important for investors to keep an eye on the Bitcoin market and monitor the data from Glassnode to get an idea of where the market is headed.