In turn, the long-term holders’ figure is 72% below the 2021 bull market record

Unrealized profits of whale rookies hit a record $7,3 billion

28.02.2024 - 08:15


3 min

What’s new? According to the founder of analytics company CryptoQuant Ki Young Ju, on February 28, the unrealized profits of large short-term bitcoin holders reached a record at $7,3 billion, “marking unprecedented gains.” In turn, the figure for long-term whales is $40 billion, 72% below the peak reached in 2021 ($145 billion).


What else is known? Young Ju clarified that the category of long-term large holders includes investors with a balance of more than 1000 coins held for more than 155 days, not affiliated with centralized exchanges (CEXs) or mining companies.

The day before, Santiment analysts reported that the price of BTC jumped to its highest since December 3, 2021. This came after analytics software company MicroStrategy reported another increase in its investment in the asset. MicroStrategy is the largest holder of BTC among publicly traded companies, with 193 000 coins in its accounts and unrealized gains approaching $5 billion.

On the same day, the S&P 500 index was down 0,5%. Santiment noted that the historically low correlation between the cryptocurrency and stock markets led to the biggest jumps in BTC and altcoin rates.

The company later added that bitcoin is gradually approaching the all-time high of $69 000 set in November 2021 and traders are showing extremely high interest in the asset compared to altcoins.

At the time, Santiment noted that weekly bitcoin trading volume rose to its highest since the November 2022 collapse of crypto exchange FTX to $54,53 billion. They said the increase in activity was seen both on exchanges and in trading in shares of asset-based spot exchange-traded funds (ETFs).


Bitcoin value under management of spot ETF issuers has surpassed $17 billion

Bitcoin value under management of spot ETF issuers has surpassed $17 billion

This data does not include Grayscale’s GBTC fund, which previously operated as a trust and is currently recording investor outflows

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At the time of writing, bitcoin is trading at $57 371 on Binance, having added 2% overnight. Weekly growth, according to the CoinGecko aggregator, was 10,9%. Since the beginning of the year, according to TradingView, the asset has added 35,96%.

At the same time, Bybit reported earlier that institutional traders started rebalancing their crypto portfolios in favor of ETH, while retail traders are more optimistic about BTC.

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