Bitcoin Sees A Grim Moment As Addresses In Profit Reach A Two-Year Low

The world's first cryptocurrency, Bitcoin (CRYPTO: BTC), has not seen such a bad market mood for a long time, according to on-chain data.

What Happened: On-chain data shows most Bitcoin addresses are now worth less than when the Bitcoin was transferred to them, indicating with a high degree of certainty that most holders are now losing money on their investment.

Data shared in a Friday tweet by the Twitter Inc. (NYSE: TWTR) account of Glassnode, which is dedicated to sharing findings of major blockchain data firms, showed that the seven-day average of Bitcoin addresses in profit just reached a two-year low of nearly 55.7%.

See Also: How To Earn Free Crypto

Looking on the bright side, a low number of addresses in profit is generally regarded as quite a bullish fundamental. The logic behind this is that investors and traders tend to take profit much easier than their losses and sell their holdings when they are not in profit. Statistically, price tends to go up when the number of addresses in profit is lower.

BTC Price Action: As of press time Friday afternoon, Bitcoin is trading at $20,599.83 after seeing its price fall by 1.83% over the last 24 hours.

Photo: Godlikeart via Shutterstock