[Analysis] "Bitcoin short-term holders' unrealized gains approach $10.1 billion…higher likelihood of profit-taking"

Bitcoin (BTC) has shown strength, including recently hitting an all-time high, and the unrealized gains of short-term holders who have recently begun accumulating Bitcoin have increased significantly. Some say this could lead to profit-taking selling.

On the 8th (Korean time), crypto outlet CoinDesk, citing CryptoQuant short-term holder whales (Short-Term Holder Whales) data, reported that short-term holder whales' unrealized gains in Bitcoin amount to $10.1 billion. Short-term holder whales refer to wallet addresses that purchased Bitcoin within the last 5 months and hold 1,000 or more BTC.

The unrealized gains of these whales have swelled as Bitcoin has strengthened recently. As of 1:59 p.m. that day, Bitcoin was trading at $121,944, down 2.28% from the previous day. Although it fell that day, Bitcoin surged 6.68% over the past 7 days. Recent net inflows into exchange-traded funds (ETF), a weaker dollar, and concerns over a U.S. government shutdown have triggered Bitcoin's upward momentum.

As the unrealized gains of short-term holder whales increase, there is speculation that profit-taking supply could pour out. In fact, the total amount of Bitcoin deposited from short-term holder whales' wallets to exchanges earlier this week reached $5.7 billion. CoinDesk explained, "Short-term holder whales tend to be more sensitive to volatility than long-term investors," adding, "they can sell at any time."