Bitcoin Whale Addresses Increasing as Unrealized Profits Hit Yearly Highs

Martin Young
October 27, 2020 Updated August 2, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Whale Heavily Bags SHIB, ETH, CRV, & Others, What's Next?

Several on-chain metrics for Bitcoin have been entering bullish territory as the asset remains above $13k for the fourth straight day.

Bitcoin has held on to gains it made last week, remaining above the $13k barrier for the past four days. It has not revisited that 2020 high of $13,350 made on Sunday, but is not far below it trading at $13,100 at the time of writing.

On-chain analytics provider Glassnode has been digging into the charts noting that the number of accounts with over $1 million in BTC has crossed the 20,000 level and is at its highest level since January 2018.

The chart pattern is uncannily similar to the Bitcoin price chart indicating that many of these whale accounts are simply hodling, as the number has reached the milestone along with a 16 month price peak.

The stats also revealed that the population of whale entities, defined as clusters of addresses held by a single network participant holding at least 1,000 BTC, was 1,939, the highest level since September 2016.

Unfolded added to the narrative stating that Bitcoin addresses with balance ≥ 1,000 BTC has hit a new all-time high.

Advertisement
Advertisement

Net Unrealized Profit/Loss Up

Another metric called Net Unrealized Profit/Loss (NUPL) is back in the ‘belief’ zone according to Glassnode which added that over 50% of the BTC market cap consists of unrealized profits, a level not seen since August 2019.

The metric briefly entered this zone last in mid-2019 which coincided with its rally then, taking prices up to their highest since ATH at $13,800. This is the current target to beat according to analysts as it forms a new higher high and confirms the bull market.

Periods of capitulation using the NUPL metric have only occurred four times, at the end of 2011, for most of 2015, the latter half of 2018, and very briefly in March this year when global markets crashed on the Coronavirus pandemic.

NUPL looks at the difference between Unrealized Profit and Unrealized Loss to determine whether the network as a whole is currently in a state of profit or loss.

Advertisement
Advertisement

Bitcoin Price Outlook

Since its 2020 high over the weekend, Bitcoin has spent the past 48 hours consolidating in the $13,100 range.

The bulls need to take charge soon to push higher towards the next level of resistance to prevent the asset from falling back to support which currently lies at around $12,750.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.