๐ Bitcoin Whale & Miner Profits Analysis:
๐ Whale Groups:
CryptoQuant CEO Ki Young Ju discusses four key groups based on on-chain data:
1. Short-Term Holder (STH) Whales:
Large entities entering the market within the past 155 days.
2. Long-Term Holder (LTH) Whales:
Veteran large holders, holding for over 155 days.
3. Miners (100-1,000 BTC):
Small miners on the network.
4. Miner Whales (1,000 BTC+):
Mining companies.
๐ Unrealized Profit Ratio:
This indicator reflects the unrealized gains of these groups relative to their total market cap.
- LTH whales lead with a ratio of 2.23, suggesting over 223% profits.
- Small miners follow with 1.31, outperforming miner whales at 0.81.
- STH whales lag at 0.016, indicating only 1.6% profits, likely due to buying at higher prices through spot ETFs.
๐ก Analysis:
The profits of LTH whales and small miners are significant, indicating rewards for patience and participation. However, STH whales have smaller profits due to buying at higher prices recently.
๐ฐ Overall Outlook:
Despite profits across these groups, Ju suggests "not enough profit to end this cycle," implying continued market activity.
๐ฑ BTC Price:
Bitcoin remains around $64,300, exhibiting sideways movement recently.
