Bitcoin

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<p dir="ltr">Ki Young Ju, founder and CEO of CryptoQuant, has&nbsp;<a href="https://twitter.com/ki_young_ju/status/1782613796852576759" rel="noopener noreferrer nofollow">noted</a> that the initial investments of new whales are almost twice as big as the old whales' cumulative total.&nbsp;</p>
<p dir="ltr">The data shows that short-term holder whales own a total of $110.6 billion worth of Bitcoin, dwarfing the $67 billion held by long-term holder whales.&nbsp;</p>
<p dir="ltr">In order to qualify as a short-term holder whale, the average coin age should be less than 155 days. CryptoQuant also excludes the addresses of centralized exchanges and miners.&nbsp;</p>
<h2 id="not-enough-profits">Not enough profits?</h2>
<p dir="ltr">Last week, the CryptoQuant CEO also took an in-depth look at the unrealized profits of various on-chain cohorts. Old whales, of course, come in first place, with their profits reaching 223%.&nbsp;</p>
<p dir="ltr">However, new whales, which came from traditional finance and acquired Bitcoin through ETFs, are enjoying very modest unrealized profits of just 1.6%.</p>
<p dir="ltr">The profits of small miners managed to surpass 130%. Big miners, for comparison, have to settle for 81% unrealized profits.&nbsp;</p>
<p dir="ltr">According to the CryptoQuant CEO, this suggests that these profits are not sufficient enough. Hence, the current bull market cycle is unlikely to end at this stage.&nbsp;&nbsp;</p>
<h2 id="the-fight-for-67k">The fight for $67K</h2>
<p dir="ltr">At press time, the price of the largest cryptocurrency is trading slightly above the $66,000 level after previously peaking at $67,208.</p>
<p dir="ltr">On Monday, Bitcoin ETFs recorded decent flows totaling $62 million. Fidelity's IBIT is in the lead with nearly $35 million. Ark's ARKB comes in second place with $22.6 million. BlackRock's IBIT is only in third place with $19.7 million, but it has managed to extend its inflow streak.&nbsp;</p>

New Bitcoin Whales Out-Invest Old Ones

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