🐳 Newbie Whales Cash Out — Are Pros Waiting for Higher Bitcoin Targets?
Short-term and long-term bitcoin whales. The BTC network divides into short-term (STHs) and long-term (LTHs) holders based on holding duration, with a 155-day cutoff.
Whales are also asset investors, but they must keep balance. Whales are holders of 1,000 BTC or more. Thus, STH and LTH whales are the big-money members of those clubs.
The analyst submitted this chart showing these groups' cumulative earnings over the last three months:
As seen in the graph, both groups have taken profits lately. Still, fresh whales that entered the market in the previous five months have done much of this selling. This is different from January, when these cohorts realized profits more evenly.
STHs have been reactive to market developments, whereas LTHs have been resilient. Whales succumbing to profit realization in the latest surge may not be unexpected. However, market profit-selling hasn't hit January levels yet.
The whales may be classified into regular-sized (1,000–10,000 BTC) and mega-sized (10,000+ BTC) whales. Glassnode, an on-chain analytics startup, reports inconsistent behavior from the two organizations.
As seen in the chart above, the whales' Bitcoin Accumulation Trend Score, which indicates whether investors are collecting or dispersing their coins, has been close to 1 lately, indicating high accumulation.
Micro whales have been doing similarly, but big whales have taken to distribution.
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