As Bitcoin prepares for its fifth halving in April, data from CryptoQuant reveals that seasoned investors and miners have been the biggest winners.
Old Whales Triumph
“Old whales,” long-term Bitcoin holders, have enjoyed a remarkable 223% increase in unrealized profits. Their patience and holding strategy have paid off handsomely.
New Whales Lag Behind
“New whales,” investors who entered the market through traditional finance or ETFs, have seen a more modest 1.6% increase in unrealized profits. Their shorter investment horizon and lower average cost basis may have contributed to this difference.
Miners Benefit Too
Small and large miners have also benefited from the rising Bitcoin prices. Small miners saw a 131% increase in unrealized profits, while large mining companies experienced an 81% increase.
Hash Rate: A Key Indicator
The hash rate, a measure of network security, will be crucial to watch post-halving. If prices continue to rise, miners will be incentivized to invest in new equipment, strengthening the network. However, if prices fall, difficulty adjustments may occur, potentially consolidating control in the hands of large mining farms.
