Bitcoin Whale Profits Hit Record $9.07B Amid Consolidation Fears

Bitcoin's short-term holder whales have reached an all-time high in unrealized profits, sparking concerns about potential selling pressure during its current consolidation phase. According to data from CryptoQuant contributor IT Tech, the short-term holder whale unrealized profit hit a record $9.07 billion on September 4, with this figure falling to $7.51 billion on Saturday but remaining among the five highest ever recorded.

Historically, short-term holder whales have been quick to take profits when opportunities arise, and IT Tech notes that this level of unrealized gains could become a source of selling pressure if Bitcoin pulls back further. The contributor also pointed out that while the cost basis structure suggests a solid floor under the rally, the record-high unrealized gain sitting on top of it argues that this floor is being tested by its own success.

In contrast to short-term holder whales, long-term Bitcoin holders have increased their on-chain activity during the recent consolidation period. CryptoQuant contributor Darkfost reported that the 90-day moving average of spent transaction outputs (STXOs) from long-term holders climbed to 1,500 BTC, indicating a significant increase in movement compared to May when these investors were spending an average of roughly half that amount.