Short-Term Whales Hit All-Time High
As Bitcoin surged to $60,000, a group of “newbie whales” have amassed an astonishing amount of unrealized profit. These whales, known as “short-term holders” (STHs), have held their coins for less than 155 days and currently own at least 1,000 BTC.
Unrealized Profits Soar
The unrealized profit held by STH whales has reached unprecedented levels. As of the time of writing, they held a collective $7.3 billion in unrealized profit. This figure has continued to rise as Bitcoin has broken above $61,000.
Long-Term Whales Trail Behind
In contrast to STH whales, “long-term holders” (LTHs) have not achieved the same level of profitability. LTHs are more patient and hold their coins for longer periods, regardless of market fluctuations.
Selling Pressure from STHs
Despite their high profits, STHs are known for their tendency to sell quickly in response to market volatility. Analyst James Van Straten observed that STHs sold $3 billion in profits to exchanges when Bitcoin surpassed $57,000.
Bitcoin’s Price Unaffected
Despite the profit-taking by STHs, Bitcoin’s price has continued to climb. At the time of writing, it is trading around $61,100, up 20% in the past week.
