Short-term Bitcoin whales are returning to profit.
Short-term whales are addresses that have held BTC for less than six months. These Bitcoin whales are now making a profit as BTC exceeds their average realized price.
The chart of realized prices for short-term/long-term whales from CryptoQuant shows that the orange line (the cost basis of short-term whales) has been approaching the white market price curve in recent weeks.
This confirms that most short-term holders would be making profits if they sold at current prices.
On-chain data reinforces this outlook. Funding rates on perpetual swaps remain deeply negative. This indicates large short positions ready for a potential squeeze if buying continues.
Meanwhile, long-term holders are systematically rebuilding their holdings. Furthermore, the network hash rate reached a record level of 1.04 EH/s this month.
These indicators signal that miners and patient investors are confident in maintaining a growth trajectory.