Glassnode report: At least 83% of existing Bitcoin addresses are currently in a state of profit

By Selena On Jun 24, 2020

According to Glassnode, at least 83% of the current Bitcoin address is in a profitable position. Moreover, the highest rate of return in 2020 will reach 89% on June 1 – the time Bitcoin price rises to $ 10,400 – a high in nearly the first four months of 2020.

The highest proportion of Bitcoin addresses in profit this year reached 89% on June 1

With the above 83% figure, that is a growth of about 43% since the collapse of Bitcoin on March 12 – Black Thursday. At the time, only 45% of the Bitcoin addresses were profitable – a low for 2020.

Still, Bitcoin investors are not as profitable as they were a year ago. That was when Bitcoin’s price peaked at around $ 13,900 in 2019, when those addresses achieved a soaring profit of 95% on June 26.

83% of #Bitcoin addresses are in a state of #profit – up 43% since the crash in March. @glassnode https://t.co/PaN6IId97D pic.twitter.com/dkDllqSv44

— Ciara Sun (@CiaraHuobi) June 23, 2020

According to the latest Glassnode report, this could be a good sign for the long-awaited breakout because they show that Bitcoin has not fallen into an overbought situation.

As AZCoin News reported, according to a report from Chainalysis, the majority of Bitcoin investors hold their money for a long time. This shows that the situation of sell-off in exchange for profit is not high, because holding Bitcoin will still be profitable, depending on more or less.

The report from Chainalysis stated that more than 60% of the 18.6 million BTC mined was held for long-term investment while only 19% or 3.5 million BTC were actively traded on exchanges. Translation around the world.

Chainalysis found that throughout 2020, a total of 340,000 people are active trading BTC every week. There two types of traders, retail and professional, it said. Retail traders are those who deposit less than $ 10,000 worth of bitcoin on exchanges at a time. However, they account for 96% of all inflows to exchanges per week.

Professional traders make up only 4% of active traders – or around 39,000 weekly transfers. However, they control market liquidity, accounting for 85% of all the US dollar value of Bitcoin sent to exchanges.

Source: Chainalysis

Chainalysis stated:

“Because of this, professional traders are the most significant contributors to large market movements, such as those seen during bitcoin’s dramatic price falling in March as the Covid-19 crisis intensified in North America.”

Bitcoin has repeatedly tried to break $ 10,000 since block rewards halved on May 11, succeeding a few times, but the breakout never lasted, as strong resistance was given. establish. Traders consider $ 10,000 to be an important level for price increases.

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