Three-quarters of BTC addresses still in profit despite market decline: Glassnode

The report also detailed that 58% of the volume on the Bitcoin network is in what it terms “profit dominance”, a metric that hasn’t been strongly observed since December 2021.

Glassnode added that bear markets typically see long periods of transaction volume that make a loss, and this reversal to profit dominance could be a sign that sentiment is shifting, with demand for Bitcoin able to buy the sell-side. However, Glassnode writes, “given prices continue to struggle, it does suggest that the demand side remains somewhat lackluster and that investors are taking profits into whatever market strength can be found.”

The analysts added that the market has seen daily realized profits of around 13,300 BTC since mid-February whilst daily realized losses declined from around 20,000 BTC in January, to around 8,300 BTC last week.Whilst a large proportion of addresses and transactions see a profit, overall the amount of users on the Bitcoin network, and subsequently, the amount of transactions, is continuing to “languish” according to the analysts.

Transactions on the network are at around 225,000 daily transactions, a number similar to the 2018 to 2019 bear market. Transactions have climbed from mid-2021 but the analysts noted that “it is a far cry from the hype cycle observed during bull markets.”

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Our analytical team has done a detailed analysis regarding BTC, and its Fear and Greed Index is 50 - NEUTRAL at the moment with price of 39574.788114141159 usd, so what do you think about the current Bitcoin state?

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