It has been noted that Bitcoin (BTC) addresses are currently in a state of profit as according to the most recent data of Glassnode, approximately 83% of all BTC addresses are in profit on June 23, 2020.
The leading digital coin faced the biggest price crash in mid-March which led bitcoin to record a daily low of 45% on that day. However, despite this price crash, most of the Bitcoin addresses have managed to show a green state. Bitcoin addresses have increased by 43% since that severe March price crash.
— Ciara Sun (@CiaraHuobi) June 23, 2020
Bitcoin addresses in profit were on the peak point on June 01 when the proportion of Bitcoin addresses in the green state reached 88.72%. This was the highest level for Bitcoin addresses noted in the year 2020. Due to his increase, the price value of Bitcoin hit as high as $10,425 for the first time in the duration of three months.
Bitcoiners are still less profitable than the previous year
Though Bitcoiners have been profitable since the mid-March price crash, despite this recovery, they are still less profitable than they were noted to be in the previous year of 2019.
Last year, the proportion of Bitcoin addresses in the state of profit reached its peak point of 94.69% noted on June 26, 2019. As a result, the price value of the top-ranked digital coin surged high recording the yearly-high of $13,880 at that time. So, it clearly refers to the fact that Bitcoiners still need to see more profits.
Only 19% of BTC circulating supply used for trading
Bitcoin investors are still carrying on accumulating and holding Bitcoin in their wallet addresses. According to the recent report of Chainalysis, out of the total bitcoin’s circulating supply (nearly 18.6 million), only nineteen percent is being used for trading purposes.
This means that Bitcoin investors are continuously accumulating bitcoin into their wallets despite the fact that they want to make profits at high points.