The blockchain analytics company intotheblock has shared new on-chain data which states that the Bitcoin blockchain network now has 31.94 million wallet addresses with a BTC balance.  The company also revealed that a vast majority of these Bitcoin addresses are currently in profit. The number of BTC wallet addresses on the bitcoin blockchain network has surged high by approximately 12 percent throughout the year 2020, according to this latest on-chain data.

Over 89 percent of BTC addresses are in the state of profit

As the leading digital currency Bitcoin (BTC) has broken above its psychological barrier of $11,000 and is currently trading up in the bullish zone, many of the Bitcoin wallet addresses are in profits. Out of the total 31.94 million that has a balance in BTC, more than 89 percent are currently in the state of profit. It means that there are almost 28.5 million BTC addresses that are profiting from their current state or position.

This data now may indicate both positive as well as negative signs for the top-ranked digital currency. Negative in the sense that these Bitcoin holders are currently profiting and they might be planning on selling their Bitcoins. And if the selling pressure increases in the market, it will push the price value of the coin in the downward direction and the coin may once again fall into the bearish zone.

While on the other hand, the positive sign is that it may initiate a bull cycle for the major digital currency sending the price of Bitcoin further higher.

Bitcoin addresses daily activity surges to a two-year high

Meanwhile, the daily activity of Bitcoin (BTC) addresses has surged high to record a two-year high. The cryptocurrency data provider Santiment has shared data according to which the number of daily active addresses of Bitcoin has reached $1.07 million.

The last time this number surged high in 2018 on the 17th of January.  While on the other hand, the highest point of $1.28 million was noted in the month of December in 2017.