Bitcoin whales hold record $9 billion in unrealized profits

Short-term Bitcoin whales are currently holding record unrealized profits exceeding $9 billion, according to data from CryptoQuant. This figure represents the highest level recorded since the company began tracking the metric in 2016.

These short-term holders (STH) have a cost basis of approximately $69,000 per BTC. While these profits remain unrealized, the high volume of paper gains creates a potential supply of Bitcoin that could be sold if market prices weaken, potentially leading to a massive sell-off.

Adding to the market complexity is an increase in Bitcoin reserves on the Binance exchange, suggesting that significant demand will be required to absorb any potential selling pressure from these large holders.