💰 Bitcoin (BTC) is currently priced at $34,530, which is 50% below its all-time highs. However, there are more wallet addresses in profit than ever before, according to data from Glassnode. As of October 30, there were 39.1 million addresses in profit, surpassing the previous peak of 38.1 million. Despite the lower price, the total number of non-zero addresses stands at 48.3 million. In terms of percentage, the number of addresses in profit is at an 18-month high of 81.1%. On the other hand, addresses at a loss currently number just over 9 million, down from a peak of over 20 million in December 2022.
💼 The recent gains in BTC have also sparked significant changes in investor profitability. While long-term holders have seen minimal profit-taking, short-term holders have been more active. The recent price action has returned both long-term and short-term holders to profit. However, as the market passed the $34,000 mark, there has been increased profit-taking from short-term holders. This difference in mentality between long-term and short-term holders is evident in the charts provided by Glassnode.
🎮 Investing in Web3 gaming has required more due diligence during the cryptocurrency bear market, according to Robby Yung, CEO of Animoca Brands and co-founder of The Sandbox. Yung highlighted the need for passionate teams with specific skill sets and product ideas that have a clear market fit. He also emphasized the importance of tangible progress, such as an alpha build and user testing, when seeking external capital. Yung acknowledged the challenges in user acquisition, particularly due to the hesitance of mainstream gaming platforms to list games with Web3 infrastructure. Despite these challenges, Yung believes that the second half of 2023 has seen improvements in the quality of investments in the Web3 gaming space.