Over 50% of Bitcoin Addresses Still in Profit
56.2% of addresses as of June 20th were still worth more in USD terms than when their coins entered them – and regardless of what google trends or the media says, Bitcoin is not dying and is in fact moving upwards to the upper $21K region this morning so hodl on!
That’s not hodling! Over 50% of Bitcoin addresses still in profit
“More than half of Bitcoin (BTC) addresses are still in profit, raising questions about the severity of the current “bear market.”
Data from on-chain analytics firm Glassnode confirms that as of June 20, 56.2% of addresses were still worth more in United States dollar terms than when their coins entered them.
Profitability fails to match previous market bottoms
As BTC/USD fell to 19-month lows of $17,600 over the weekend, analysts braced for what they assume will turn out to be a retracement of up to 84.5% from all-time highs.
A sense of confusion reigns this year thanks to those highs not being “high enough” compared with historical bull market tops.
The subsequent drawdown has thus taken many by surprise, despite so far not matching previous bear markets.”