The number of profitable bitcoin addresses has reached the highest level in the history of the cryptocurrency

According to Glassnode, the number of bitcoin wallets in the profit zone is 39.1 million. In terms of percentage, it is more than 80% of addresses. This is the highest figure in the history of the cryptocurrency.

At the time of writing, BTC is trading for $ 34,431, which is 50% lower than during the highs in 2021. However, analysts have noted that a record number of bitcoin addresses are turning a profit.

Currently, the figure is 39.1 million. The previous peak was observed in November 2021 at 38.1 million. The total number of addresses with a non-zero balance reached 48.3 million. In terms of percentage, profitable addresses are at an 18-month high of 81.1%. According to Glassnode, the figure has increased by 20% in the last two months alone.

The number of unprofitable bitcoin addresses dropped to 9 million. For comparison, in December last year, shortly after the FTX collapse, their number exceeded 20 million.

Over the past few weeks, the value of the flagship cryptocurrency has been growing rapidly. For example, in two weeks, the growth was 20.9%, according to CoinGecko. The main reason for the positive dynamics is the expectation of the launch of spot ETFs on bitcoin. According to many market participants, the approval of the new instrument by the US Securities and Exchange Commission (SEC) will make BTC accessible to a wider audience and attract large investors to the industry.