Bitcoin’s last impulse at record levels has left the short -term whales in the short term (STH) with their highest paper profits from the cycle of around $ 10.1 billion, according to Cryptoquant data.
These are entities that have more than 1,000 BTC and that only entered the market in the last five months: the so -called “weak hands” of cohort that generally retires first when volatility increases.
The total unrealized profits is the highest of this cycle, an oscillation that reflects the speed with which the fortunes in Bitcoin can change. Just a few weeks ago, the immersion of the end of September left this same group underwater. Now, thanks to ETF tickets, the United States closure context and the weakest conditions of the dollar, suddenly they find profits of tens of billions.
But that is where the risk enters, since short -term whales are not famous for their patience.
A $ 10 billion earning fund is exactly the type of configuration that tempts some holders to withdraw tables from the table, testing how much new demand is really behind the rebound.
The currency entry data already showed that 5,700 million dollars moved from the STH portfolios to the bags earlier this week, which marks an early sign that the profits is not a theoretical, but active risk.
When we get away, this cycle has already seen mass transfers between long -term holders (LTH) and the short -term crowd.
Earlier this week, the Checkonchain analysis tool said that 3.45 million BTC have gone from LTH wallets to STH since the cycle began, rivaling the 2016-17 transfers wave, only this time at approximately 100 times higher prices.
If that distribution limits the impulse or simply feeds the rotation that keeps the rebounds alive depends on the pressure of the offers in the coming weeks.
For now, that context seems solid enough to absorb some profits. But if the STH whales press the mass sales button, 10.1 billion dollars in unrealized earnings could quickly become pressure performed.
