Glassnode: 70% Bitcoin addresses remain in profit – Bits Media

The rate of the first cryptocurrency has decreased significantly over the past week, however, Glassnode analysts note, that 70% Bitcoin addresses are still in profit.

According to the presented schedule, from 70% to 75% all Bitcoin wallets with non-zero balances now are in profit. The indicator is noticeably higher, than in March 2020 of the year, when only about half of the addresses were in the black, and even higher, than in 2015 year, when the indicator of profitable wallets was from 30% to 42%.

“The current bear market is not so severe, like the worst phases of previous cycles. Now just from 25% to 30% investors suffer unrealized losses. Of course, in the future the market may continue to fall, and then the indicator will correspond to the figures of past bearish cycles", – analysts write in the report.

Most long-term Bitcoin holders are in profit - more than 67.5%. Glassnode researchers include wallets as such holders, who have not sold BTC for at least 155 days.

The report notes, that the market is already preparing for a new bull cycle. but, this has not happened yet and there may be market consolidation in the coming weeks, when traders will take every opportunity to make short-term profits.

Nowadays, the first cryptocurrency in the network passes about 225 000 transactions. Approximately the same indicators were recorded during the “bear cycles” in 2018 and 2019 years.

Two weeks earlier, Glassnode analysts wrote, that the trend in the cryptocurrency market has changed to “bullish”. Looks like, the researchers were too hasty with such a statement - since then the BTC rate has fallen by 15% and now the first cryptocurrency is trading at $40 000.