About 93% of all bitcoin address balances are estimated to be in the black, according to Glassnode, as bitcoin continues to trade above $11,000.
- "Addresses in profit" measures balances of assets transferred into a wallet at an average price lower than the current price. In other words, their value has gone up, creating a profit, at least on paper.
- Balances in profit are up 29 percentage points from the 72% mark recorded on July 20.
- More than 90% of bitcoin addresses were last in profit through July and August 2019 when bitcoin traded around $11,500, a local top for the leading cryptocurrency.
- The 11-month high for in-profit addresses comes amid bitcoin’s rally to $11,400 and follows steady long-term accumulation by investors at lower prices, with fewer than 40% of all bitcoins having been moved in the past year.
- A high percentage of addresses "in profit" increases the probability of investors selling those bitcoins to realize their profit, said Josh Olszewicz, cryptocurrency trader at Techemy Capital. That doesn't mean the price won't continue to appreciate, he added.
Update (July 29, 22:18 UTC): This article has been updated with a comment from Josh Olszewicz.