Bitcoin Addresses In Profit Reach A Record High After Recent Price Surge

The number of Bitcoin wallet addresses in profit hit a record 39.1 million on October 30, surpassing the previous high of 38.1 million in November 2021.

The in-profit BTC addresses are currently at an 18-month high of 81.1%, according to Glassnode data. This percentage increased from 60% to 80% in just two months.

The BTC addresses at a loss have also dropped to a little over 9 million. In December 2022, as the crypto market plunged due to FTX’s bankruptcy, more than 20 million addresses were at a loss.

The significant increase in in-profit addresses comes as BTC nears an 18-month high. Bitcoin is currently up by around 26% in just one month and was trading at $34,526 at 08:00 ET on October 31.

The total number of non-zero BTC addresses currently sits at 48.3 million despite Bitcoin’s spot price remaining 50% lower than its ATH.

Bitcoin Shows Strength Above $34K

Bitcoin’s price continues to show strength at the $34K level despite market chatter on spot BTC exchange-traded fund (ETF) approval cooling down.

Valkyrie recently amended its spot BTC ETF filing, refueling speculation that the US securities regulator might approve this new investment class.

Bitcoin’s recent gains have seen short-term holders record “one of the strongest profit-takings in the past two years,” according to crypto researcher James Straten.

On the other hand, long-term holders are yet to record any significant profit takings.

Some analysts weighing in on the recent BTC price action warn that the spot Bitcoin ETF hype will be short-lived as the SEC could deny all applications in a “semi-comedic rug pull,” a scenario that will see Bitcoin’s price plunging.

Despite that, markets remain overall optimistic that it’s only a matter of time before approval is granted.

Also Read

  • BTC Price Prediction: As Legendary Billionaire Investor Stanley Druckenmiller Says He Should Own ‘Brand’ BTC, This Cloud Mining Platform Is Sprinting To $3 Million In Presale
  • Bitcoin Price Prediction: BTC Looks Unstoppable And That Means This Bitcoin Derivative Is Poised To Explode
  • Bitcoin Price Prediction: BTC Pumps 15% This Week, But Don’t Overlook This New Altcoin’s 10X Potential

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