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The number of Bitcoin wallet addresses in profit hit a record 39.1 million on October 30, surpassing the previous high of 38.1 million in November 2021.
The in-profit BTC addresses are currently at an 18-month high of 81.1%, according to Glassnode data. This percentage increased from 60% to 80% in just two months.
The BTC addresses at a loss have also dropped to a little over 9 million. In December 2022, as the crypto market plunged due to FTX’s bankruptcy, more than 20 million addresses were at a loss.
The significant increase in in-profit addresses comes as BTC nears an 18-month high. Bitcoin is currently up by around 26% in just one month and was trading at $34,526 at 08:00 ET on October 31.
The total number of non-zero BTC addresses currently sits at 48.3 million despite Bitcoin’s spot price remaining 50% lower than its ATH.
Bitcoin Shows Strength Above $34K
Bitcoin’s price continues to show strength at the $34K level despite market chatter on spot BTC exchange-traded fund (ETF) approval cooling down.
Valkyrie recently amended its spot BTC ETF filing, refueling speculation that the US securities regulator might approve this new investment class.
UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
— James Seyffart (@JSeyff) October 30, 2023
Bitcoin’s recent gains have seen short-term holders record “one of the strongest profit-takings in the past two years,” according to crypto researcher James Straten.
On the other hand, long-term holders are yet to record any significant profit takings.
#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 Van Straten (@jvs_btc) October 29, 2023
Some analysts weighing in on the recent BTC price action warn that the spot Bitcoin ETF hype will be short-lived as the SEC could deny all applications in a “semi-comedic rug pull,” a scenario that will see Bitcoin’s price plunging.
Despite that, markets remain overall optimistic that it’s only a matter of time before approval is granted.
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