Record Number of Bitcoin Wallet Addresses in Profit
The number of Bitcoin wallet addresses in profit has reached a new high of 39.1 million, surpassing the previous record of 38.1 million in November 2021. This represents an 18-month high of 81.1% of BTC addresses being in profit, an increase from 60% to 80% in just two months. In contrast, the number of BTC addresses at a loss has dropped to a little over 9 million, down from over 20 million in December 2022 when the crypto market plunged due to FTX’s bankruptcy.
This significant increase in profitable addresses coincides with Bitcoin approaching an 18-month high, with a price increase of around 26% in just one month. At the time of writing, Bitcoin is trading at $34,526.
Bitcoin Shows Strength Above $34K
Despite the cooling down of market chatter on the approval of a spot BTC exchange-traded fund (ETF), Bitcoin’s price continues to show strength above the $34K level. Valkyrie recently amended its spot BTC ETF filing, reigniting speculation about potential approval by the US securities regulator.
UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
— James Seyffart (@JSeyff) October 30, 2023
Short-term holders of Bitcoin have seen significant profit takings in the past two years, while long-term holders have yet to make substantial profits.
#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.
LTHs have barely budged, the sixth largest profit-taking this year, but minimal in the grand scheme of things. pic.twitter.com/peBuGcsZFE
— James V. Straten (@jimmyvs24) October 29, 2023
Some analysts warn that the excitement around a spot Bitcoin ETF may be short-lived, as the SEC could deny all applications, causing a significant drop in Bitcoin’s price. However, overall market sentiment remains optimistic that approval will eventually be granted.
Hot Take: Bitcoin Wallet Addresses in Profit Reach New High Amidst Market Strength
The number of Bitcoin wallet addresses in profit has reached a record high of 39.1 million, surpassing the previous peak in November 2021. This increase is accompanied by Bitcoin’s strong performance, with an 18-month high of 81.1% of addresses being profitable. The number of addresses at a loss has also significantly decreased, indicating positive market sentiment.
Despite the recent cooling down of speculation around a spot Bitcoin ETF, Bitcoin continues to show strength above the $34K level. Short-term holders have seen significant profit takings, while long-term holders are yet to capitalize on their investments.
While some analysts caution about a potential denial of spot Bitcoin ETF applications by the SEC, overall optimism persists that approval will eventually be granted.
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