It is widely accepted in the crypto community that Bitcoin whales are investors who hold more than 1,000 BTC. These investors typically have a professional and sophisticated profile, ranging from high-net-worth individuals to institutions and corporate treasuries. Their behavior is relevant because they often signal structural changes in market cycles, as their moves represent volume, conviction, and long-term strategy.
At the on-chain level, we distinguish two types of whale investors based on holding time:
🟠 LTH (Long-Term Holders): +155 days holding.
🔵 STH (Short-Term Holders): −155 days holding.
This distinction is key, as holding duration influences whales’ role in market dynamics.
Since April 22, all whale cohorts—LTH and STH—are back in profit. Before that date, STH whales — or young whales — were in losses, with a Realized Price of $90.0024K, while older whales (LTH) held a Realized Price of $31.043K. At that time, the market price was $85.0921K, leaving recent high-volume positions underwater and creating potential sell pressure.
📊 See Charts 1 and 2
Since then, the price has risen significantly, putting whales back into unrealized profit. This is crucial, as large investors reduce sell pressure, boost market confidence, and attract new capital into Bitcoin.
Currently, BTC trades at $96.443K, giving new whales (STH) an unrealized gain of over 7% based on their average entry.
✅ Conclusion
The fact that all whales are in profit again marks a structural shift in the market. It confirms the recovery since April, reignites institutional appetite, and strengthens the mid-term bullish narrative.
That young whales are already seeing such gains so quickly reduces the risk of mass selling, and instead, may spark a markup phase if macro conditions allow.
Signed by Carmelo Alemán
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Written by Carmelo_Alemán
