Bitcoin Whales Hold Record $9B in Unrealized Profits, Floor at Risk

Short-term Bitcoin holders with large wallets have accumulated a record $9.07 billion in unrealized profits, according to CryptoQuant.

This figure is the highest since the on-chain analytics firm began tracking it in 2016 and was reached on September 4.

The reading eased to $7.51 billion by September 5 as Bitcoin's price slipped, but still ranked among the five highest on record.

CryptoQuant defines short-term holder whales as large wallets holding coins bought within the last several months, and notes that this cohort is historically quick to take profits when available.

The firm suggests that a paper gain of this magnitude could put pressure on Bitcoin's floor if the price turns.