Bitcoin addresses in profit have set a new record, reaching nearly 40 million, according to Glassnode's on-chain data. This record was achieved despite Bitcoin's value being half its peak, suggesting a bullish sentiment among holders. The data shows that 80% of Bitcoin addresses are profitable at a value above $34,000, surpassing the all-time highs of November 2021.
This recent surge in profitable addresses has been marked by a significant increase from 60% to an 81.1% high within the past two months, a level not seen for the past 18 months. Active non-zero balance addresses now total 48.3 million. The number of addresses at a loss stands slightly over 9 million, a decline from over 20 million amid the FTX meltdown in December 2022.
On Sunday, the number of profitable Bitcoin addresses hit a new high of 39.1 million, overtaking the previous record of 38.1 million during Bitcoin's all-time high. This trend indicates a bullish sentiment among Bitcoin holders despite recent market volatility.
The recent rally saw Bitcoin overcoming several resistance levels and returning both long-term holders (LTH) and short-term holders (STH) to profit. This led to significant profit-taking among STH as Bitcoin crossed the $34,000 threshold.
Glassnode's data also tracked inflows to exchanges from profitable LTH and STH entities, providing insight into the profit-taking trends. The rise in profitable addresses is likely influenced by expert predictions before the Future of Digital Assets Conference and Citi's entry into digital assets for enhanced cash management and trade finance, as analyzed by Benzinga Neuro.
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