Bitcoin Addresses Holding Over 0 BTC Decline, Signaling Potential Surge

IconCryptoNewsTerminal Staff17 Jul, 2024

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Bitcoin Addresses Holding Over 0 BTC Decline, Signaling Potential Surge

Analysts have noted a decline in the number of Bitcoin addresses holding over 0 BTC, a sign that historically precedes a price upswing. According to on-chain analytics platform Santiment, over the past month, the number of such addresses has decreased by 672,510. This aligns with historical trends suggesting that extended periods of selling and liquidation are followed by price rebounds. Further supporting this bullish outlook, Glassnode data indicates that 89.43% of Bitcoin addresses are currently in profit, despite BTC trading significantly below its previous all-time high of $70,000. This marks a 6.5% decrease from the profitability recorded at that time.