Despite the bearish market conditions, a surprisingly large portion of Bitcoin investors are still seeing green. Research from blockchain analytics firm Glassnode shows up to 75% of bitcoin wallets are in profit. This is compelling data, especially as the Bitcoin price hovers around $94,000 on Tuesday after failing to close above the key resistance level of $97,700 last week. Analysts say this suggests the current bear market is less severe than previous downturns, indicating a resilience within the Bitcoin ecosystem.

Why are so many wallets still profitable? One key factor is the prevalence of long-term holders. Around three-quarters of all circulating Bitcoin hasn’t been moved for the past six months or more, according to onchain data. The findings come from Glassnode’s hodl wave analysis, highlighting the commitment of many Bitcoin investors to holding their assets through market volatility. Santiment data shows that BTC dormant wallets are also a significant factor. These dormant wallets, often belonging to early adopters, contribute to the overall percentage of wallets in profit, even when the current market dips. A total of 14,907,459 BTC are held in wallets aged over 155 days, though without differentiating for the oldest historical whales and buyers.

After the bear market of the past year, this data provides a degree of optimism. While short-term price fluctuations can be unsettling, the high percentage of profitable wallets demonstrates the potential for long-term gains within the Bitcoin market. This resilience could be a sign of a maturing market, where investors are less reactive to short-term volatility and more focused on the long-term potential of Bitcoin.