Bitcoin price has not had the most notable performance in 2024 despite a strong start to the year. The major cryptocurrency has spent much of the last two quarters consolidating, fluctuating within a range of $50,000 and $70,000.
This uninspiring performance has sparked debates about the current session, with many analysts and experts speculating whether the uptrend is still continuing. Among the latest commentators is the CEO of CryptoQuant, who provided an interesting insight into the course.
Why do whales get less profits in this cycle?
In a post on Platform X, CryptoQuant CEO Ki Young Ju said open Bitcoin whales retained their assets in this cycle. As a result, large investors have recorded the lowest profit taking compared to other cycles if the current uptrend ends now.
This on-chain disclosure is based on the percentage of profit generated through the Balance Cohort metric, which measures the proportion of coins sold at a profit by the investor class compared to the total coins sold at a given time. It basically evaluates the profitability of different groups of Bitcoin holders.
Typically, when whales are high, it means that selling is likely to be ongoing, with large investors believing that prices have peaked. On the other hand, a low realized profit ratio often indicates a low level of profit taking, which means that investors are not cutting their losses or expecting further price gains.
Current on-chain data points to a trend where large shareholders have received the least amount of profits across any bull cycle. This may mean that Bitcoin whales still have confidence in Bitcoin’s long-term potential. Ultimately, this indicates that the current uptrend is still far from over, and there is a possibility that the uptrend for Bitcoin prices will resume.
Bitcoin “Dolphin” Addresses Are on the Rise Again: Santiment
In a post on X, Santiment open Bitcoin’s “Dolphin” pool, which contains between 0.1 and 10 BTC, has been growing steadily over the past few months. Analytics reported that this category of investors mostly sold for profit in the first half of the year.
However, addresses holding between 0.1 and 10 BTC have been on the rise since early July. Specifically, 0.1 – 1 BTC wallets increased by an additional 25,671 addresses, while 1 – 10 BTC wallets increased by about 4,000 addresses.
This suggests that small investors may return to the market, which could be positive for the price of Bitcoin over the coming months. As of this, the leading cryptocurrency is valued at $61.94, reflecting a 1.7% increase in the past day.