Record-Breaking Whale Profits Spark Sell-Side Risk in Bitcoin

New records are being set in Bitcoin's (BTC) recent history as whales holding short-term coins saw their unrealized profits spike to $9 billion on Sept. 4, according to CryptoQuant data.

This is the largest reading ever recorded by CryptoQuant since it began tracking whale profitability in 2016.

The short-term holder (STH) cohort's aggregate unrealized profit hit a new multi-year high of $9.07 billion on Sept. 4, but fell by 17% the next day as BTC/USD declined just under 2%, causing their cost basis to sit near $69,000.

CryptoQuant warned that further BTC price downside may induce selling from STH whales, as newer investors are traditionally seen as being speculative in nature and more sensitive to smaller market shifts.