Bitcoin

Carry

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. 
<h2 id="bitcoin-short-term-holder-whales-currently-carry-all-time-high-profit">Bitcoin Short-Term Holder Whales Currently Carry All-Time High Profit</h2> 
As explained by CryptoQuant founder and CEO Ki Young Ju in a new <a href="https://twitter.com/ki_young_ju/status/1762703581713711551" target="_blank" rel="noopener nofollow">post</a> on X, the profits of the newbie whales have hit unprecedented levels. The “newbie whales” here refer to the Bitcoin whales belonging to the “<a href="https://bitcoinist.com/bitcoin-short-term-holders-4-5-profits-nov-2021/" target="_blank" rel="noopener ">short-term holder</a>” (STH) cohort. 
The STHs include all the BTC investors who bought their coins within the past 155 days. Given this relatively small timeframe, the STHs are considered the newbie hands of the market. 
The whales are defined as entities that are currently carrying at least 1,000 BTC in their wallets. Naturally, wallets associated with miners and centralized exchanges are excluded from this group as they don’t correspond to “normal” investors. 
The STH whales, thus, would be holders who have been holding 1,000 BTC or more since less than 155 days ago. Here is a chart that shows the amount of unrealized profit that this segment of Bitcoin investors had been holding at the time Ju made the post: 
<img loading="lazy" decoding="async" class="alignnone aligncenter" src="https://pbs.twimg.com/media/GHZf3VZbkAArm9e?format=jpg&amp;name=large" alt="Bitcoin STH Whales" width="1464" height="1056"> 
As is visible in the chart, the unrealized profit held by the newbie Bitcoin whales has spiked alongside the <a href="https://bitcoinist.com/bitcoin-btc-price-all-time-highs/" target="_blank" rel="noopener ">latest rally</a> in the cryptocurrency. The metric has been setting new all-time highs (ATHs) in this rally, meaning that the STH whales have never held this much profit. 
When the CryptoQuant founder made the post, the unrealized profit held by this cohort totaled up to about $7.3 billion. Since then, BTC has only headed up, as it has now broken beyond the $61,000 level. As such, this amount would have risen even higher by now. 
While the STH whales have been setting new ATHs, the “<a href="https://bitcoinist.com/hodling-steady-bitcoin-long-term-holder-supply-ath/" target="_blank" rel="noopener ">long-term holder</a>” (LTH) whales have been far from achieving the same feat. 
<img loading="lazy" decoding="async" class="alignnone aligncenter" src="https://pbs.twimg.com/media/GHZf50aa0AAauWv?format=jpg&amp;name=large" alt="Bitcoin Long-Term Holder Whales" width="1466" height="1056"> 
Unlike the STHs, who are fickle-minded and tend to sell quickly at any sight of FUD or FOMO, the LTHs are veterans who carry a strong resolve, not selling much at all, regardless of whatever is happening on the broader market. 
In 2021, the LTH whales held peak profits of $145 billion, while their recent profit level was around $40 billion. Like always, though, as the cycle goes on and the bull rally takes place, these HODLers’ patience would pay off, with their profits again ballooning up. 
Given the high profits the STHs have held recently and their weak resolve, it wouldn’t be surprising if they were selling in this rally. Indeed, as analyst James Van Straten has shared in an X <a href="https://twitter.com/jvs_btc/status/1762806194249572494" target="_blank" rel="noopener nofollow">post</a>, the STHs sent $3 billion in profits to exchanges when Bitcoin broke above $57,000. 
<img loading="lazy" decoding="async" class="alignnone aligncenter" src="https://pbs.twimg.com/media/GHa-ZI6awAACdu-?format=jpg&amp;name=large" alt="Bitcoin STH Selling" width="1800" height="1013"> 
Despite this high profit-taking, Bitcoin hasn’t been impeded so far, as the cryptocurrency’s price has only continued to march up. 
<h2 id="btc-price">BTC Price</h2> 
At the time of writing, Bitcoin is trading around the $61,100 level, up 20% in the past week. 
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/wQsyAGNt/" alt="Bitcoin Price Chart" width="1534" height="854">

Bitcoin “Newbie Whales” Now Hold Unprecedented $7.3 Billion Profit

Table of Contents

Bitcoinist

Other articles published on Feb 29, 2024

Roll1ng Thund3rz Unveils Web3War® v3.0: Pioneering the Future of Gaming with Skill2Earn Dynamics

U.S Government Transfers BTC Worth Million: Arkham Intelligence

Barstool Sports Founder Dave Portnoy Speaks on Bitcoin and FTX Crisis

Seneca stablecoin hacker returns stolen funds after $6.4M exploit

Transak and SKALE Partner to Solve High Gas Fees and Onboarding Challenges of Web3 Gaming

Bitcoin Poised To Reclaim $64K, Now Back Halfway To $63,000 – New ATH Coming For March?

Join our free newsletter for daily crypto updates!