The Bitcoin bottom may be in ahead of the halving, based on the profitability levels of large BTC holders and technical chart patterns.

Bitcoin ETF holders only up 1.6% in unrealized profit

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:

“Not enough profit to end this cycle, imo [in my opinion].”

Unrealized profits for small miners are at 131%, while the cohort of big mining firms is up 81%. Despite the significant unrealized profit, the five largest mining firms have not been selling in anticipation of the Bitcoin halving.

Bitcoin selling by the top five mining firms slowed to a two-year low in the first quarter of 2024, when the five largest miners sold a total of approximately 2,000 BTC, according to an April 10 report by Bitwise.