CryptoQuant’s CEO, Ki Young Ju, reports a dramatic 223% profit increase for Bitcoin’s long-term holders, known as “ancient whales.” This substantial rise in earnings arrives just as Bitcoin approaches a pivotal halving event in less than a day. Despite potential concerns about these major holders cashing out, the real risk seems to emanate from short-term holders, whose gains have dwindled nearly to zero, thereby reducing the likelihood of further selling.

As the market anticipates the halving, lower Bitcoin prices could trigger panic selling and liquidations among newer investors. In contrast, the seasoned whales remain largely unfazed, poised with robust triple-digit gains. Additional data reveals varied profit margins among other cohorts: new whales linked to traditional finance and ETFs marked a modest increase of 1.6%, small miners at 131%, and large mining companies at 81%. According to Ju, these figures suggest that the current profit cycle is far from over.

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