97% of Bitcoin Addresses in Profit, but Many DeFi Holders Still Down

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In Brief
  • Bitcoin held in ~97% of wallets could be sold at a profit today.

  • This isn't too surprising given that BTC is closing in on its current all-time high.

  • Bubble-like price action has many holders of leading DeFi tokens still ‘out of the money.’

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The recent bitcoin price rally has put around 97% of all BTC held in wallets into profit. However, not all crypto-asset holders are as close to being ‘in the money.’

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Leading DeFi tokens remain much further below their current all-time highs than bitcoin. For example, almost half of YFI holders bought at higher prices. 

Bitcoin at $18,600, Only 0.11% of Addresses Aren’t Yet ‘In the Money’

Bitcoin has rallied hard over recent weeks. The leading digital asset opened Nov. trading around $13,800. Just over three weeks later, a single bitcoin now trades at more than $18,600.

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According to cryptocurrency market analysis firm Into the Block, more than 97% of all addresses now have an average entry point lower than today’s price. The company’s ‘In the Money’ indicator shows that owners of 31.88 million addresses could currently sell their holdings for a profit. 

Into the Block also claims that just 0.11% of the analyzed addresses received BTC at a higher average price. With bitcoin now trading around $1,000 lower than its 2017 all-time high, that represents just 35,730 addresses. 

The indicator also shows that 2.67% of addresses acquired their bitcoin when the price was between $17,945 and $18,771. The firm deems these 874,760 addresses as being ‘in the money.’ 

Many DeFi Holders Still Under Water

The Into the Block figures show that a greater percentage of holders of other cryptocurrencies are still ‘out of the money.’ ETH, LINK, ADA, and LTC wallets, for example, are 88%, 85%, 79%, and 73% ‘in the money’ respectively. 

The much hyped DeFi sector is, on the other hand, showing some notable laggards. Only 62% of SNX and AAVE wallets would sell at a profit today. Meanwhile, only 54% of YFI wallets are ‘in the money.’ 

With the DeFi sector having experienced its own bubble of sorts this summer, and most protocol tokens launching after the 2017 bull run, many now trade well below their all-time highs. For example, YFI hit its high price of around $43,300 on Sept. 13. 

Following its peak, Yearn.Finance traded down to a low of around $8,500. Despite a recent rebound, its current price of $25,250 still has many holders ‘out of the money.’

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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