Over half of Bitcoin addresses remain in profit, according to data from analytics firm, Glassnode, raising doubts as to the seriousness of the present bear market.

The data shows 56.2% of BTC addresses continued to be worth more in terms of U.S. Dollars than when their coins first entered them.

Last weekend, as BTC/USD declined to 19-month lows of $17,600, crypto analysts prepared for what they believe will result in a retracement of as much as 84.5% from record highs, Cointelegraph reports.

Up to now in 2022, the highs we’ve seen haven’t been “high enough” when compared to previous bull markets. As such, many analysts have been surprised by the subsequent drawdown, despite not as yet being in line with historical bear markets.

The latest figures from Glassnode support this notion. Bitcoin price dips have in the past coincided with under half of addresses staying in profit. Therefore, the current downward trend is a long way away from historical patterns.

Looking back to March 2020, the number of profitable addresses fell to 41%, yet in 2018, the bear market also saw a fall under 50%.

Nevertheless, there has been a rise in losses among hodlers, with the largest on-chain realised losses to date recorded last week, reaching $4.76 billion in 24 hours.

However, deVere CEO Nigel Green is continuing to pile into Bitcoin: “The reason why I’m still buying Bitcoin is that I’m confident that digital, global, borderless, decentralised, tamper-proof, unconfiscatable money is, inevitably, the future. I’m still accumulating Bitcoin as its unique fundamentals haven’t changed.

“Bitcoin continues to produce block by block, the ecosystem and infrastructure continue to develop, major corporations and institutions continue to adopt it, and miners continue to increase their operations.”