Billions in profits for bitcoin whales
“Bitcoin newbie whales hit an all-time high of $7.3 billion in unrealized profits; an unprecedented result,” said a very optimistic Ki Young Ju.
The analyst chart above shows the massive explosion in these whales’ profits. These are amounts that the average investor can only dream of, although Bitcoin has of course achieved dream returns for everyone in recent weeks. The older whales are also benefiting from the digital currency’s price increases, but their unrealized profit of $40 billion is still below the 2021 peak of $145 billion.
In that respect, it doesn’t seem time yet for them to sell and realize their profits. They may only do so if unrealized gains exceed those of the 2021 peak.
At this point, the unrealized gain of ~$40 billion is not even enough to exceed the 2017 peak.
What is a novice whale?
Ki Young Ju qualifies a “newborn” whale as a wallet that has held his or her bitcoin for 155 days or less. However, to qualify as a whale, there must be more than 1,000 bitcoin in the wallet.
At current rates, this would require an amount of $57 million. The title of whale is not for everyone, but of course a person can dream.
Furthermore, it is important that the wallet in question is not connected to exchange platforms or miners. Especially in the case of exchanges, these coins were not purchased for the platform itself, but are bitcoin that are held for customers.
This is of course different when it comes to miners, who could in principle run their mining business with the aim of collecting as much bitcoin as possible.
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-btc-whales-boeken-gigantische-winsten-op-hun-investeringen