Despite Bitcoin’s price being nearly 50% below its all-time high, it has more wallet addresses in profit than ever before. With Bitcoin’s price above $34,000, over 80% of Bitcoin addresses are in profit. As of October 31, according to Glassnode data, the number of profitable addresses reached 39.1 million, marking the highest number ever recorded for Bitcoin.
Highest Number Since November 2021
With this record, it surpassed the previous high of 38.1 million profitable addresses seen in November 2021. However, that previous record was achieved during a period when the BTC/USD trading price was at all-time highs.
Bitcoin Address Count Continues to Rise
Despite Bitcoin’s price at these levels, the total number of Bitcoin addresses has reached 48.3 million. This indicates that Bitcoin investors have continued to show interest in the cryptocurrency, even during a challenging bear market.
In addition, the percentage of profit-seeking addresses currently stands at 81.1%, which is at its highest level in 18 months. This shows that many Bitcoin investors are making profits, and long-term investment strategies have been largely successful.
What About Loss-Making Addresses?
In contrast, the number of loss-making addresses is currently just over 9 million. In December 2022, the number of loss-making addresses was nearly 20 million, mainly due to significant events like the FTX insolvency.