The Bitcoin bottom may be in ahead of the halving, based on the profitability levels of large BTC holders and technical chart patterns.
Institutional investors and Bitcoin exchange-traded fund (ETF) holders are barely up in unrealized profits, suggesting that this cohort is likely not to produce much selling pressure in the short term. So was the dip below $60,000 the local bottom for Bitcoin (BTC) price?
Short-term Bitcoin whales, or investors holding at least 1,000 BTC for up to 155 days have an unrealized profit of just 1.6% on their holdings, according to CryptoQuant data.
In contrast, the cohort of old whales holding at least 1,000 BTC for over 155 days has a 223% unrealized profit, according to Ki Young Ju, founder and CEO of CryptoQuant. Ju wrote in an April 19 X post:
