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Since August 2010, there have been merely 677 days during which purchasing Bitcoin would have resulted in a loss, with 86% of days indicating that ‘holding Bitcoin has been advantageous compared to today’s price,’ according to data from Coinglass.
Information from Coinglass reveals that individuals who acquired Bitcoin on any of the remaining 4,081 days are currently in profit as of the time of this report. The chart below highlights the days in red, indicating when Bitcoin purchases would have led to a loss at today’s price, and green for purchases that are now profitable.
Source: Coinglass
In percentage terms, only 14% of the total days since 2010 have resulted in purchasers being at a loss.
Nonetheless, with Bitcoin down over 60% from its peak, currently, only 61% of addresses are in profit. Consequently, 39% of entities acquired their positions on one of the identified 677 unprofitable days.
The highest proportion of addresses in profit this year was recorded on July 13, coinciding with the XRP ruling, at 79%, while the year began with just 52%.
Source: Glassnode
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Coinglass’s ‘Bitcoin Bubble Index’ assesses the probability that the leading cryptocurrency is in a bubble based on various health metrics, including Google trends, Bitcoin difficulty, and transaction volume.
Currently, with over 60% of holders in profit, the chart suggests a low likelihood of a bubble, reflecting a robust network with potential for growth.
Source: Coinglass
The sub-metrics of the index indicate a decrease in Google search volume, while Bitcoin difficulty, transaction numbers, and transaction values are all nearing all-time highs and trending upwards.
Source: Coinglass
Thus, while some entities are currently holding at a loss, the majority are in profit, with only Google interest showing a downward trend.
It is noteworthy that significant spikes in Google search volume for Bitcoin typically coincide with halvings. The next halving is expected to take place in less than six months, and it can be argued that the network has never been in better condition.
The post Bitcoin profitable on 86% of days, yet just 61% of holders are in profit appeared first on CryptoSlate.
