75% of Bitcoin wallets are in profit despite bearish market
Available data from Glassnode shows that around 75% of wallets holding Bitcoin (BTC) are in profit despite the value of the flagship asset falling a long way from its ATH to below the $40k mark recently.Bitcoin wallets are in profit According to the report, there are currently more wallets in profit when compared to the 2018 bear market — only 50% of the wallets were in profit then. We can see that the current bear market is not as severe as the worst phases of all prior cycles, with just 25% to 30% of the market being at an unrealized loss. The analysis also shows that about 60% of transaction volume is in the profit domination. This is the first time it has detected the statistic at such robust levels since December 2021. This high-profit dominance could be a sign of shifting sentiment. It also shows that long-term investors are the most likely to make a profit in this market. In this case, long-term Bitcoin holders have held the coin for at least 155 days. Of this group, more than 67.5% have unrealized profits. But only 7.88% of short-term holders who have held for less than 155 days have seen any gains. Despite this,