Albert Brown
Wallets Holding At Least 0.1 Bitcoin Reaches New Highs, But More Than 50% BTC Addresses In Loss for the first time Since 2020.
Less than 50% of BTC holders are profiting from their holdings. Also, BTC’s drop in price might result from the losses by Nasdaq stocks and the Dow Jones Industrial Average, according to the CNBC.
On Monday, the number of crypto wallets with at least 0.1 BTC rose to a new peak. Investors with a small amount of BTC started accumulating more of the leading cryptocurrency to take advantage of the coin’s recent price decline.
Data provided by on-chain analytics aggregator, Glassnode, reveals that the number of crypto wallets with at least 0.1 BTC has surged to a new peak of 3,469,507. The data was shared on Twitter by Glassnode alerts, the platform’s official account for providing instant information about happenings in the crypto space.
📈 #Bitcoin $BTC Number of Addresses Holding 0.1+ Coins just reached an ATH of 3,469,507
View metric: pic.twitter.com/pVS0AZpxWK
— glassnode alerts (@glassnodealerts) May 8, 2022
Even though this Glassnode data isn’t a reflection of the total number of people holding BTC, the rise in the number of wallets holding 0.1+ BTC indicates that the bitcoin adoption momentum isn’t waning yet.
Despite this increase, IntoTheBlock data revealed that the percentage of addresses currently profiting from holding their BTC is now less than 50%. It is the first time that this number will reach this low amount in over two years.
The IntoTheBlock data further revealed that approximately 46.54% of BTC holders are “in the money” or making profits from their holdings based on BTC’s current price.
“The % of addresses currently holding $BTC that are profiting from their positions or “in the money” has dropped below 50% for the first time since March of 2020. At the current price, 46.54% of the addresses are in a state of profit.”
Though days.
The % of addresses currently holding $BTC that are profiting from their positions or “in the money” has dropped below 50% for the first time since March of 2020.
At the current price, 46.54% of the addresses are in a state of profit.
Chart: pic.twitter.com/WHQll4LaoD
— IntoTheBlock (@intotheblock) May 9, 2022
According to @OnChainCollege, 8.2 million Bitcoin addresses are currently sitting in the loss. This is over 43% of the entire circulating supply. An additional 2.5% of the circulating supply is now in a loss since the last update on this metric two days ago (40.7% vs. 43.2%).
The price of the leading digital asset is down by 4.25% to $33,033, according to the Coinmarketcap data as of this writing. BTC has continued trading within a narrow range since January 2022 as it seeks to re-attain its highs of late last year.
BTC’s current price shows that it is now over 50% down from its peak price of $68.990 set last November. According to CNBC, BTC’s drop in price might be attributed to the loss of over 1,000 points by the blue-chip Dow Jones Industrial Average and the 5% decline of Nasdaq stocks on May 5, 2022.
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