U.Today - In a recent report by Ki Young Ju, CEO of CryptoQuant, it has been revealed that longstanding Bitcoin holders, often referred to as "ancient whales," have witnessed a remarkable surge in profits, amounting to an impressive 223%. This significant uptick in profitability comes at a crucial moment, with Bitcoin poised to undergo its scheduled halving event in less than 24 hours.
On the one hand, it might seem that ancient whales holding a large amount of Bitcoin with such profits poses the risk that they will want to go to cache sooner. However, it is likely that it is the short-term holders who pose the greater risk, given that their unrealized gains on short-term BTC holdings have fallen to almost zero. This reduces the incentive for further selling.
Probably the best case for further market clearing in the run-up to and during the halving is if the BTC price falls even lower and this led to panic selling at a loss and numerous liquidations of short-term holders. At the same time, long-term holders continue to hold and record at least triple-digit gains and are hardly worried about how the Bitcoin halving will affect the price here and now.
Two questions
However, amid this backdrop of uncertainty, long-term holders remain resolute, fortified by their substantial gains and a steadfast belief in Bitcoin's underlying value proposition.
As the crypto community braces for the impending major event, all eyes are on the ancient whales and their profits. Will they opt to capitalize on their gains, potentially triggering market turbulence? Or will their commitment to long-term holding strategies prevail, anchoring Bitcoin amid the volatility?