Recent Bitcoin Rally Pushes ‘Addresses in Profit’ to 93%
93% of all bitcoin address balances are estimated to be in the black, according to Glassnode, as bitcoin continues to trade above $11,000.
- “Addresses in profit” measures balances of assets transferred into a wallet at an average price lower than the current price. In other words, their value has gone up, creating a profit, at least on paper.
- Balances in profit are up 29 percentage points from the 72% mark recorded on July 20.
- More than 90% of bitcoin addresses were last in profit through July and August 2019 when bitcoin traded around $11,500, a local top for the leading cryptocurrency.
- The 11-month high for in-profit addresses comes amid bitcoin’s rally to $11,400 and follows steady long-term accumulation by investors at lower prices, with fewer than 40% of all bitcoins having been moved in the past year.