Key Takeaways
- New Bitcoin whales would only realize a 1% profit if they sold now.
- Geopolitical tensions caused a $4,000 drop in Bitcoin’s price.
- $243 million flowed out of U.S.-based Bitcoin ETFs following the price crash.
Bitcoin whales have not reached a profit margin that would justify selling their holdings, per an analysis by CryptoQuant founder Ki Young Ju.
On Oct. 2, Ju reported that new whales, holding Bitcoin for five months or less, would only see a 1% return if they sold at current prices.
Older whales are in a slightly better position with an unrealized profit ratio of 1.27 but still haven’t seen substantial gains.
Ju concluded that these whales would likely hold their assets until retail investor liquidity pushes prices higher.
Meanwhile, geopolitical tensions in the Middle East between Israel and Iran caused Bitcoin prices to fall by $4,000 on Oct. 1.
This led to a $243 million outflow from U.S.-based Bitcoin exchange-traded funds, reversing eight consecutive days of inflows. The price could drop to $54,000 or lower if the situation worsens, according to Coin Telegraph.
Willy Woo
Veteran analyst Willy Woo shared a long-term bullish outlook for Bitcoin but warned that it may take time to regain its previous all-time high of $74,000.
Woo expects sideways trading until November or December of 2024.
