Most BTC wallets containing Bitcoin are cashing in big time, as reports seen on Glassnode’s Twitter feed showed most Bitcoin wallets in a state of profit.
According to Glassnode, 75% of Bitcoin wallets are currently profitable.
Extended periods at this level and above are characteristic of bull runs as BTC moves towards new all-time highs.
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95% of #Bitcoin UTXOs are currently in a state of profit.
Extended periods at this level and above are characteristic of bull runs as $BTC moves towards new all-time highs.
Chart: https://t.co/bxvcpcBvlK pic.twitter.com/SIxM88BdHG
— glassnode (@glassnode) August 14, 2020
How easy is tracking BTCs? It should be noted that Bitcoin is not really anonymous because all BTC transactions are kept permanently and publicly on the blockchain or ledger system, so it’s very easy for anyone to see the transactions and balances of any BTC address.
Chainalysis researchers recently explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:
“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity
However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,”
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The report claims the “Hodler net position change,” which provides an aggregate of long-term wallet holder behavior, has been positive on 154 of the first 170 days of 2020.
Glassnode data shows Hodlers have made a net increase of 233,000 BTC to their positions since the start of the year.
In the meantime, BTC remained confidently above $11, 000 throughout this week. Also, Bitcoin’s on-chain fundamentals point to the beginning of a potential bull market, though external market forces could still impact this possibility.
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