The number of Bitcoin wallets in profit has surpassed 39 million. This marks a new record, according to data Glassnode.
Approximately 80% of non-zero balance addresses in Bitcoin are in profit thanks to Bitcoin breaking above the $34 000 level.
The previous metric high was recorded in November 2021. The peak at 38.1 million was reached amid Bitcoin’s return to record highs.
Although current spot-market prices for the cryptocurrency sit at around 50% of those levels, the number of non-zero Bitcoin addresses briefly exceeded 49 million.
The October rally in Bitcoin left unrealized losses among fewer than 20% of Bitcoin wallet holders.
CryptoSlate researcher James Straten drew attention to profit-taking by short-term Bitcoin holders. The trend has not affected long-term crypto investors.
“LTH have barely moved from their positions, ranking sixth in terms of profit-taking this year, but minimal overall,” the expert noted.
#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
Analysts at IntoTheBlock noted an accumulation of Bitcoin whales. In the last seven days this category added 19,923 BTC to their portfolios, worth about $650 million.
In the last 7 days, Bitcoin ‘whales have added 18,924 BTC to their portfolios. That’s an impressive $650M at today’s priceshttps://t.co/TW9Cvy6ToV pic.twitter.com/fxhafTK3U4
— IntoTheBlock (@intotheblock) October 31, 2023
As reported, billionaire Stanley Druckenmiller has considered a renewal of investments in Bitcoin and called the asset “gold for the young”.