The price of Bitcoin (BTC<\/a>) has been on the decline again recently, but new insights from blockchain analytics firm Glassnode show that up to 75% of Bitcoin addresses are in profit.<\/p>\n In its Week-On Chain report<\/a> published on Monday, April 11, Glassnode analyzed the number of Bitcoin wallets that are in profit and found that around 70% to 75% of addresses are seeing an unrealized profit, much higher than the 45% to 50% of addresses during the 2018 bear market.<\/p>\n Commenting on the findings, the Glassnode analysts added that the current bear market is nowhere near as bad as previous ones:<\/p>\n \u201cThe 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. It remains to be seen if further sell-side pressure will drive the market lower, and thus pull more of the market into an unrealized loss like prior cycles.\u201d<\/p><\/blockquote>\n The report further revealed that long-term holders of Bitcoin, those who have held for over 155 days, were the least likely to be at a loss. More than 67.5% of long-term holders are at an unrealized profit, whereas short-term holders, those who have held for less than 155 days, have seen only 7.88% make any gains.<\/p>\n Currently, the Bitcoin price is below $40,000 and dipped close to $39,000 in the last 24 hours, which has placed the asset back into bear market territory<\/a>. The direction in which Bitcoin will head has some speculating a drop to $30,000<\/a>, whilst other data shows traders attempting to push the price to $50,000<\/a>.<\/p>\n The report also detailed that 58% of the volume on the Bitcoin network is in what it terms \u201cprofit dominance\u201d, a metric that hasn\u2019t been strongly observed since December 2021.<\/p>\n Glassnode added that bear markets typically see long periods of transaction volume that make a loss, and this reversal to profit dominance could be a sign that sentiment is shifting, with demand for Bitcoin able to buy the sell-side.<\/p>\n However, Glassnode writes, \u201cgiven prices continue to struggle, it does suggest that the demand side remains somewhat lackluster and that investors are taking profits into whatever market strength can be found.\u201d<\/p>\n The analysts added that the market has seen daily realized profits of around 13,300 BTC since mid-February whilst daily realized losses declined from around 20,000 BTC in January, to around 8,300 BTC last week.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/8722c7e7-8935-4175-8ff4-5c740dd1aa4a.png\")
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