New Bitcoin whales spark sell-side risk as unrealized gains hit $9B
Unrealized gains by whale speculators hit their highest levels on record last week, per data going back to 2016.
Bitcoin whale investors have amassed unrealized gains worth over $9 billion, marking the highest level on record since tracking began in 2016, according to onchain analytics platform CryptoQuant. The majority of these gains belong to newer whale investors, or short-term holder (STH) wallets, which hold coins for less than six months.
As of Sept. 4, these STH whale cohorts had an aggregate unrealized profit of $9.07 billion, with their cost basis near the current price of $69,000 per BTC. However, a recent 17% drop in Bitcoin's price has caused this unrealized profit to decline by the same percentage. CryptoQuant warns that further BTC price decline could prompt selling from these STH whales, who are typically more sensitive to market changes due to their short holding periods.
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