New Bitcoin whales spark sell-side risk as unrealized gains hit $9B
Bitcoin whales, especially short-term holder whales with coins younger than six months, now hold record unrealized gains above $9 billion, the largest such reading CryptoQuant has tracked since 2016. Their cost basis is near $69,000, so they are close to breakeven compared with long-term holders. CryptoQuant says this makes them more likely to sell if BTC weakens, since newer whales tend to take profits quickly when price wobbles. On Sept. 4, unrealized profit for this cohort hit $9.07 billion, then fell 17% after BTC slipped under 2%. Exchange data also points to rising sell pressure: Binance BTC reserves climbed to 691,658 BTC, the highest since November 2024. CryptoQuant says liquidity on Binance remains orderly, but a sustained breakout above $83,000 likely needs strong spot absorption from ETFs and organic demand.
