Bitcoin's short-term whale cohort reached a record $9.07 billion in unrealized profit on Sept. 4, according to CryptoQuant analysis published Sept. 7. The reading marked the highest level in the metric's available history since 2016 and reflected how quickly profitability expanded among large holders that acquired BTC relatively recently. The figure declined to $7.51 billion on Sept. 5 as Bitcoin pulled back, but it remained historically elevated.
CryptoQuant contributor IT Tech noted that all five of the metric's highest readings appeared within the previous two weeks, highlighting the rapid accumulation of paper gains during Bitcoin's move above $80,000. Unrealized profit does not mean whales have sold; it measures the difference between an asset's current market value and its onchain acquisition cost before a transaction takes place. Still, large unrealized gains can increase the incentive to sell and create additional supply pressure.
Onchain cost-basis data continues to point to established support zones. Glassnode data placed the short-term holder cost basis near $71,000 in late August, while accumulation activity around $62,000 to $65,000 established a deeper area of interest. These levels give the market reference points beyond daily price movements. Bitcoin traded near $79,300 to $79,500 on Sept. 7 after reaching an intraday high of $80,537. BTC then moved below $79,000, bringing immediate support into focus, with the $76,300 to $77,000 region representing another important area if the initial level failed.
In a separate onchain alert, Whale Alert confirmed a major transfer of 1,284 BTC, worth approximately $102 million, from Ceffu to Binance. Ceffu is a digital asset custody solution that often handles significant transactions for institutional clients, while Binance is one of the largest cryptocurrency exchanges. Such transfers can signal shifting dynamics in Bitcoin liquidity and trading strategies, with traders watching for potential effects on support and resistance levels. Recent blockchain activity also showed movement from older holdings: a wallet created in 2016 transferred 1,260.77 BTC worth more than $100 million, and nearly 75 physical Casascius bitcoins were redeemed during the first six days of September.
