Most Bitcoin Holders Are in Profit Despite Recent Crash: Glassnode

• Research from blockchain analytics agency Glassnode reveals as much as 75% of bitcoin wallets are in revenue.
• Analysts say this means the present bear market is much less extreme than earlier crypto downturns.
• The longer buyers maintain bitcoin, the much less possible they’re to be at a loss, the report mentioned.

Blockchain analytics agency Glassnode said on Monday that, regardless of the current worth decline in the crypto market, nearly three quarters of bitcoin wallets stay in revenue.

“We can see that the present

bear market

just isn’t as extreme because the worst phases of all prior cycles, with simply 25% to 30% of the market being at an unrealized loss,” Glassnode’s weekly e-newsletter mentioned.

According to Glassnode’s on-chain analytics, the present bear run is much less extreme than earlier ones, though it did be aware that additional sell-side stress might threaten this. However, the report additionally identified that long-term holders (LTH) have been by way of this earlier than. 

“LTH cash are the least prone to be spent and bought on a statistical foundation, and it may be seen in 2018 and March 2020 that they’ve held by way of a lot deeper losses in the previous,” Glassnode mentioned.

Glassnode additionally confirmed that the bitcoin market is at present dominated by so-called HODLers – Holding On for dear Life – which suggests it is these long-term holders which might be the bulk. Glassnode mentioned the longer buyers maintain bitcoin, the upper the probability of being in unrealized revenue.

Bitcoin was final down round 2.1% at $39,965, in line with CoinMarketCap information, though it is nonetheless down by greater than 12% over the past week and by greater than 16% for the yr to this point.