As of August 2010, there have been only 677 days where you could have bought Bitcoin and currently suffered a loss, with 86% of the days “holding Bitcoin profitable relative to its current price,” according to Coinglass data.
Dates from Mint glass shows that entities that bought Bitcoin on any of the other 4,081 days are making a profit at the time of writing. The chart below shows the days in red, which days Bitcoin bought would have resulted in a loss at the current price, and green for purchases that now yield a profit.
Since 2010, there is only 14% of the total number of days on which buyers now suffer a loss.
However, with Bitcoin down more than 60% from its all-time high, only 61% of addresses are currently making a profit. Therefore, 39% of the entities increased their positions on one of the identified 677 unprofitable days.
The highest number of addresses with profits this year came on July 13, the day of the XRP ruling, with 79%, while starting the year at just 52%.
Coinglass’ Bitcoin Bubble Index indicates the likelihood of the major cryptocurrency being in a bubble, based on health metrics such as Google Trends, Bitcoin Difficulty, and Transactions.
At this point, with over 60% of holders making profits, the chart shows a negative possibility of a bubble, indicating a healthy network with upside potential.
The sub-statistics of the index show declining search volume on Google, while Bitcoin’s difficulty, number of transactions and transaction value are all close to record highs and on an upward trend.
So while there are entities that are currently losing money, the majority are making profits, while only Google’s interest is falling.
In particular, the large spikes around Google search volume for Bitcoin surround halvings. The next halving will happen in less than six months, and you could say the network has never been healthier.
The message that Bitcoin is profitable 86% of the days while only 61% of holders are profitable first appeared on CryptoSlate.
