Key Insights
- •Bitcoin news and data shows that short-term holders reach $10.1 billion in unrealized profit in BTC price.
- •About 3.45 million BTC changed hands to short-term holders.
- •Whales purchase 60,000 Bitcoin (BTC) in one week.
- •Wallets holding between 100 and 1,000 BTC collectively add more than 60,000 bitcoin to their balances.
On-chain data reveals that Bitcoin’s short-term holder whales now sit on their largest unrealized gains of the current cycle, following the latest market rally.
At the same time, market analyst Ali Martinez noted that large investors have been actively accumulating Bitcoin. According to him, whales added more than 60,000 BTC to their holdings over the past week.
This combination of rising unrealized profits and fresh accumulation suggests that ‘Uptober’ optimism is building up as we approach the end of the year.
Short‑term Holders Reach $10.1B in Unrealized Profit
CryptoQuant community analyst Maartunn noted in a recent post on X that Bitcoin’s short‑term holder whales are now seeing their highest profits of this market cycle.
Short‑term holders or STHs are investors who bought Bitcoin within the past 155 days. Analysts typically describe them as the market’s “weak hands,” since they’re more likely to react quickly to price swings and market uncertainty.
However, in this case, the focus isn’t on all short‑term holders.
Maartunn highlighted that among STHs, it was the whale wallets that were sitting on top of the massive profits.
Bitcoin is now trading at record‑breaking levels, reaching a new all‑time high in October. This also means that short‑term holders, except for those who bought during the brief spike above $125,000 over the weekend, are currently sitting on profits.
Analysts often use a metric known as Unrealized Profit and Loss, or Unrealized P&L, to gauge the extent of these gains.
As the name implies, it tracks the total amount of profit or loss that investors are holding but haven’t yet realized through selling.
3.45 M BTC Changes Hands to Short‑Term Holders
According to on‑chain analysis platform Checkonchain, the current Bitcoin cycle has witnessed two major waves of coin movement from long‑term holders to short‑term holders.
The firm pointed out this trend in a recent post on X, emphasizing how significant the transfers have been.
Around 3.45 million BTC shifted into the hands of short‑term holders during the current cycle.
The scale of this transition rivals the 2016–2017 bull run, but this time, it’s happening at prices nearly 100 times higher.
Meanwhile, analyst David Marcus has drawn an interesting comparison between Bitcoin and gold. He noted that if Bitcoin was valued in the same way as gold, one coin would be worth around $1.3 million.
He argued that Bitcoin has already proven to be a stronger store of value and that its potential as a payment system has yet to be fully recognized by the market. According to David, reaching a seven‑figure valuation per Bitcoin is not a question of if, but when.
Whales Purchased 60,000 Bitcoin BTC in One Week
The latest on‑chain data shows a remarkable surge in whale accumulation, marking a clear shift in market behavior. Over the past week alone, wallets holding between 100 and 1,000 BTC have collectively added more than 60,000 Bitcoin to their balances.
The chart shared by analyst Ali_charts illustrates these mid‑tier whale addresses steadily increased their holdings, breaking away from the consolidation phase seen in early September.
The synchronized rise in both price and whale accumulation suggests that larger investors are positioning themselves ahead of what they anticipate could be the next major leg up.
Such aggressive buying during a rally often reflects conviction that momentum is heating up this ‘Uptober’. Whether Bitcoin news narrative can improve as price action aligns with the larger bullish sentiment remains to be seen.