The CEO of CryptoQuant examined the unrealized profits of various cohorts in the chain in detail. At the top, of course, are the old whales, whose profits reach 223%. However, new whales who have come from traditional finance and acquired Bitcoin through ETFs have very modest unrealized profits — only 1.6%.

The profits of small miners have exceeded 130%. In comparison, large miners have to settle for 81% unrealized profit. According to the CEO of CryptoQuant, this indicates that these profits are insufficient. Therefore, the current bull market cycle is unlikely to end at this stage.