The ongoing Bitcoin price rally has put a lot of money in many people’s pockets lately. It is not surprising to see a new all-time high for the number of addresses in profit. Additionally, the number of UTXOs in profit is also rising quickly.
BTC Addresses In Profit Keep Rising
While many people tend to look at the Bitcoin price, it is crucial to understand the broader ecosystem better. Seeing the price go up and down can be fascinating, but there is much more to take note of. Figuring out the number of addresses in profit, for example, will often give a better overview of how Bitcoin is performing.
As Bitcoin is one of the few markets open for trading on a 24/7 basis, it can be challenging to get most holders in profit. Even though the recent Bitcoin price movement has been bullish, there is still a fair amount of volatility. Therefore, there will always be addresses in profit and those who have yet to break even.
The chart above confirms nearly 35 million BTC addresses are in profit today. A substantial amount and a strong increase compared to the 2018-2020 period. Surviving a “crypto winter” is daunting for neophyte traders and speculators, but perseverance will often pay off. HODLing Bitcoin is usually the smart approach when it comes to the world’s leading cryptocurrency.
Thanks to the market turning bullish since Q2 2020, there are now an extra 15 million BTC addresses in profit. A healthy sign for the ecosystem as a whole, yet also a dangerous one. As more people note profit on their investment, they may be more eager to liquidate their holdings. For now, that is not an issue yet, thanks to ongoing institutional demand. However, it remains an aspect to be wary of.
UTXOs In Profit Hit An ATH
There is often a big difference between addresses in profit and UTXOs in profit. For Bitcoin, both charts have hit an all-time high today, indicating the market will likely remain bullish for a while longer. That said, there are no guarantees in an industry where volatility is the norm, rather than an exception.
With nearly 119 million Bitcoin UTXOs in profit today, a significant milestone has been reached. Values like these have never been seen before and seemed well out of reach just a few months ago. The resiliency of Bitcoin is unprecedented, further confirming this bull run is very different from the 2017 flash pump.
Statistics like these may not mean much to people with no interest in Bitcoin. However, the growth curve depicted by both charts is exceptionally bullish for the world’s leading cryptocurrency. Contrary to 2017, there does not appear to be a ceiling limiting the overall price potential. Anything can happen with this crypto-asset, by the look of things.