Analyst: Short-term whale unrealized profit drops 53% over a month, with 10,600 BTC transferred to exchanges in a single day.

On October 21, CryptoQuant analyst Axel Adler Jr. stated that the unrealized profit of large short-term holders decreased from $9.8 billion recorded on September 22 to approximately $4.6 billion on October 20, dropping by roughly $5.1 billion over a month, a decline of 53%. This does not mean that whales have sold more than half of their holdings, but rather that the floating profit on their current BTC positions has noticeably narrowed.

Meanwhile, on October 20, whales transferred 10,605 BTC to exchanges, marking the highest single-day volume since October 8, approximately 2.8 times the 30-day daily average of 3,815 BTC. Adler noted that increased exchange inflows typically signal rising potential selling pressure.

In his view, the current metrics lean negative for the market: short-term whales remain generally profitable, yet unrealized profits have shrunken considerably from their peaks, while a growing amount of BTC is flowing into exchanges, increasing the likelihood of future sales.