Whale Profits and Activity Shape Bitcoin’s Consolidation

Key Moments

• Short-term holder whale unrealized gains reached a record $9.07 billion on September 4, the highest reading in data going back to 2016.
• Unrealized profit for this cohort declined to $7.51 billion on Saturday but remains within the five largest readings, all logged over the past two weeks.
• On-chain activity from Bitcoin holders with more than five years of holding history has increased, with their 90-day moving average of STXOs rising to 1,500 BTC.

Short-Term Whale Profits Reach Historic Levels

Bitcoin’s (BTC) short-term holder (STH) whales are sitting on unprecedented paper gains, a development that is raising questions about potential selling pressure during the current market consolidation.

According to CryptoQuant contributor IT Tech, unrealized profit for short-term holder whales climbed to $9.07 billion on September 4. This marks the highest reading for the metric since records began in 2016.

The unrealized profit figure subsequently eased to $7.51 billion on Saturday as Bitcoin’s price edged lower. Even so, the value remains among the five largest observations ever recorded, with each of those peaks occurring in the last two weeks.

“Unrealized profit at that scale is exposure. A cohort sitting on a record paper gain can turn into sellers the moment price wobbles,” the report stated.