Share of profitable bitcoin addresses dropped to 70%

Bitcoin (BTC) is trading at $42,155 on Wednesday, September 22. The leading cryptocurrency’s capitalization fell another 3% today to $798.2 billion.

The cryptocurrency’s drop in value began last Monday. Capital outflows from risky assets triggered a negative trend in the digital asset market as well.

The sharp weakening of bitcoin is accompanied by a noticeable reduction in the number of profitable addresses. According to IntoTheBlock, the share of profitable wallets decreased from 82% to 70% as a result of the BTC price drop the day before.

Analysts note that about 4.4 million addresses were buying bitcoin when it was trading in the range of $47,600 to $43,450. And by the end of this week, the share of profitable wallets will be much lower than today’s figure, as BTC is unlikely to resume its offensive in the coming days, experts predict.

The Santiment team notes that the September market decline resulted in record losses for major digital currencies. For example, XRP and ChainLink (LINK) have fallen 36% and 38%, respectively, since Sept. 6.

Bitcoin and ether (ETH) lost 20% and 29% during the reporting period, according to the researchers’ review.