Bitcoin’s Short-Term Whales Sit on $10.1B in Gains; Market Eyes Potential Sell Pressure

Bitcoin’s latest surge has put short-term holder (STH) whales — those controlling over 1,000 BTC acquired in the past five months — on the largest paper profits of the cycle, totaling approximately $10.1 billion, according to CryptoQuant.

These recent entrants, often prone to selling during volatility, have seen a rapid turnaround. Just weeks ago, the same group faced losses following late-September dips, but ETF inflows, a softer dollar, and U.S. government shutdown uncertainties have pushed their positions deep into profit territory.

The risk of profit-taking is already emerging. Exchange inflow data shows $5.7 billion moved from STH wallets into exchanges earlier this week, signaling that some holders are actively preparing to convert gains into cash.

This cycle has also seen a notable transfer from long-term holders (LTHs) to STHs. Checkonchain data indicates that 3.45 million BTC have moved from LTH wallets to STHs — a scale comparable to the 2016–17 cycle, albeit at valuations roughly 100 times higher.

Analysts caution that while current demand may absorb some selling pressure, a coordinated exit by STH whales could quickly turn $10.1 billion in unrealized profits into significant market stress, testing Bitcoin’s near-term support levels.