Cryptocurrency news

Glassnode Announced! 75% Of These Cryptocurrency Investors Are In Profit As The Market Takes Downs

Glassnode, in its weekly report, announced that 75% of these crypto money investors are in profit, despite the sharp declines in the crypto money market.

Glassnode Announced! 75% Of These Cryptocurrency Investors Are In Profit As The Market Takes Downs

The price of the leading cryptocurrency Bitcoin ( BTC ) has been on the decline again recently, but new information from blockchain analytics firm Glassnode shows that the majority of Bitcoin addresses are in profit.

75% of Bitcoin (BTC) Addresses Are in Profit

Blockchain analytics firm Glassnode analyzed the number of profitable Bitcoin wallets in its Chain Weekly report released Monday (April 11th), and found that around 70% to 75% of addresses saw profits despite market downturns.

Commenting on the findings, Glassnode analysts stated that the current bear market has never been as bad as the previous ones, while the following statements were included in the statement;

“The current bear market is not as severe as the worst phases of all previous cycles, only 25% to 30% of the market is at a loss. We’ll see if more selling pressure will pull the market down so that it doesn’t pull more of the market into big losses like it did in previous cycles.”

The report also revealed that long-term Bitcoin holders holding more than 155 days are least likely to incur losses. More than 67.5% of long-term holders were in unrealized profits, while only 7.88% of short-term holders holding less than 155 days saw any gain.

Currently, the price of the leading cryptocurrency Bitcoin ( BTC ) continues to trade below $40,000 and has slumped as low as $39,000 in the past 24 hours, placing the asset back in bear market territory. There has been speculation that Bitcoin will see the price drop to as low as $30,000, while other data shows investors trying to push the price up to $50,000.

Profit Domination

The report published by Glassnode also detailed that 58% of the volume on the Bitcoin network is referred to as “ profit dominance ,” a metric that has not been strongly observed since December 2021 .

The analytics firm noted that bear markets often see long periods of lossy trading volume, and this return to profit dominance could be a sign that sentiment is shifting as Bitcoin demand can buy the sell side.

However, Glassnode added that “given that prices continue to struggle, it shows that the demand side is somewhat sluggish and investors are profiting regardless of market strength.”

Analysts also underlined that the market has seen around 13,300 BTC profits per day since mid-February , with daily losses falling from about 20,000 BTC in January to about 8,300 BTC last week.

Number of Users and Number of Transactions Continues to Weak

According to analysts, although the majority of addresses and transactions are profitable, the number of users and subsequent transactions on the Bitcoin network in general continues to “ weak ”.

Transactions on the network slumped to around 225,000 daily, a number similar to the 2018-2019 bear market. Trading escalated from mid-2021, but analysts noted that “this is far from the hype cycle observed in bull markets.”

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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