Add as a preferred source on GoogleBitcoin Whale Exchange Deposits Hit Highest Level Since Oct. 8
Large short-term holders’ unrealized profit fell 53% from its Sept. 22 peak to $4.6 billion, though the group remained in profit.
Bitcoin (BTC) whales transferred 10,605 BTC to exchanges on Oct. 20, the highest daily total since Oct. 8, making more coins available to trade as large short-term holders’ unrealized gains declined.
The amount was 2.8 times the 30-day daily average of 3,815 BTC. A transfer to an exchange records a deposit, not a completed sale.
Unrealized profit among large short-term holders stood at $4.6 billion on Oct. 20, down 53% from a $9.8 billion peak on Sept. 22. The measure tracks gains on coins still held. Those gains narrowed, but the group remained in profit.
The decline in unrealized profit does not mean holders reduced their BTC holdings by 53%. Likewise, the exchange inflow shows that more coins reached venues where they can be traded, but it does not show how much, if any, was sold.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.