Historic Number of Bitcoin Wallets in Profit

Bitcoin, the world’s biggest cryptocurrency in terms of market value, has broken records as it now boasts the highest number of profitable wallet addresses on record, even though its price is still 50% behind its all-time high.

Last week, Bitcoin's price climbed past the $35,000 mark, approaching an 18-month high. This rally not only reignited institutional interest but also marked a significant turn in investor gains.

Recent data revealed that as of this past Monday, a whopping 39.1 million Bitcoin wallets were in the green, the highest tally in the cryptocurrency's history. This surpasses the previous high of 38.1 million recorded in November 2021.

Percentage-wise, 81.1% of Bitcoin wallet addresses are currently profitable, a stark rise from 60% just a few months ago, establishing a fresh 18-month record. 

On the flip side, over nine million wallet addresses are in the red. This is a significant improvement from last December when a staggering 90 million wallets were underwater, in the aftermath of the massive plunge by the crypto giant FTX. 

 With 81% of the supply in a profitable state, the market's overall sentiment is notably positive. A significant proportion of investors are now in the green, and long-term holder profit-taking is minimal. This kind of action is typical after a sharp uptick in a bull market and is often followed by a phase of sideways movement or correction.