Newbie Bitcoin Whales Holding Record-Breaking Profits
According to CryptoQuant founder and CEO Ki Young Ju, a group of Bitcoin whales known as short-term holders (STH) are currently holding an all-time high amount of unrealized profit. These STH whales are defined as investors who have purchased their BTC within the past 155 days, making them relatively new to the market. The chart provided by Ju shows the significant increase in unrealized profit held by these newbie whales during the recent rally in Bitcoin’s price.
Short-Term Holder Whales vs. Long-Term Holder Whales
In contrast to the STH whales, long-term holder (LTH) whales have not experienced the same level of profit accumulation. LTH whales are experienced investors who hold onto their BTC for extended periods and are less likely to sell during market fluctuations. While LTH whales reached peak profits of $145 billion earlier this year, their current profit level is around $40 billion. However, as the bull market continues, it is expected that LTH whales will see their profits increase once again.
STH Whales Selling in the Rally?
Given the recent surge in profits for STH whales and their tendency to sell quickly during periods of fear or excitement in the market, it would not be surprising if some of them were selling during this rally. Analyst James Van Straten has reported that STH whales sent $3 billion in profits to exchanges when Bitcoin surpassed $57,000. Despite this profit-taking, Bitcoin’s price has continued to rise.
Current BTC Price
As of now, Bitcoin is trading around $61,100, representing a 20% increase over the past week.
On-chain data shows the newbie Bitcoin whales hold an all-time high amount of unrealized profit following the latest rally in the asset to $60,000.
Hot Take: Newbie Bitcoin Whales Reaping Profits
The recent rally in Bitcoin’s price has led to record-breaking profits for short-term holder (STH) whales. These investors, who have purchased their BTC within the past 155 days, are currently holding an unprecedented amount of unrealized profit. In contrast, long-term holder (LTH) whales have not seen the same level of profit accumulation. Despite the potential selling pressure from STH whales, Bitcoin’s price has continued to climb. As of now, Bitcoin is trading at around $61,100, representing a significant increase over the past week.
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