New in-chain data shows that approximately 90% of Bitcoin and Ethereum addresses are in a profitable position.
To Report New data shows that most of the Bitcoin and Ethereum addresses are in a profitable position. Ethereum addresses, on the other hand, are more profitable than bitcoin addresses.
According to Intotheblock, about 88% of bitcoin addresses are profitable. This equates to 33.70 million addresses.
Despite yesterday’s 15% correction, data from the Glassnode chain shows that the bitcoin mining difficulty and hash rate is at an all-time high, a sign of market health.
Glasnod also notes that the number of addresses with a bitcoin inventory of 1,000 is increasing compared to addresses with bitcoins of less than 1,000 or more. Glasnod writes about this:
As the Bitcoin price corrects, fundamental data within the chain indicates that the network is in good condition. Hash rate and difficulty of extraction are at the historical peak.
Intotheblock data for Ethereum addresses show a similar situation. According to statistics, the number of Ethereum wallets in profit has reached 47.09 million, equivalent to 91.8% of Ethereum addresses. As we said, this amount is more than the bitcoin addresses that are profitable.
The price of Ethereum improved yesterday, after a bullish period, and fell below $ 1,000. Ethereum, meanwhile, was at an all-time high of $ 1,432 on Sunday. This price record was set exactly 3 years ago.
Other market currencies are also mostly profitable. For example, 88% of bitcoin cache addresses, 70% of Litecoin addresses and 79% of AAVE addresses are profitable.
Santiment data also show that despite the 15% drop in the price of bitcoin, the volume of bitcoin transactions in the exchange is recovering rapidly.
Bitcoin is currently trading in the $ 35,750 range. Ki Young Ju, CEO of CryptoQuant, believes that the increase in sales pressure from miners in the market has been a major factor in the recent reform.
On the other hand, bybt statistics show that the liquidation of $ 2.4 billion in bitcoin, Ethereum and other digital currencies has facilitated the decline in bitcoin prices.