Bitcoin\u2019s price jumped over 12% last week to reach $96,500, surpassing the average purchase price of \u201cshort-term whales\u201d\u2014large holders who bought Bitcoin within the last six months.\u00a0<\/strong><\/p>\n CryptoQuant analyst JA Maartunn told BeInCrypto that these whales have reclaimed their break-even level of $90,890. It means they are now in profit and less likely to sell, which adds stability to the market.<\/p>\n Short-term whales<\/a> are addresses that have held Bitcoin for under six months. These whales are now sitting in aggregate profit as BTC outpaces their average realized price.\u00a0<\/p>\n Historically, when these participants cross into profitability<\/a>, they tend to pause or reduce selling pressure.\u00a0<\/p>\n CryptoQuant\u2019s<\/a> Short\/Long-Term Whale Realized Price chart shows the orange line (short-term whale cost basis) rising toward the white market price curve<\/a> in recent weeks.\u00a0<\/p>\n It confirms that most short-term holders would net gains if they sold at current levels.\u00a0<\/p>\n On-chain data reinforce the significance. Funding rates on perpetual swaps remain deeply negative, indicating heavy short positions poised for a potential squeeze if buying continues.\u00a0<\/p>\n Meanwhile, long-term holders have steadily rebuilt their accumulation. Also, the network hash rate topped a record at 1.04 ZH\/s<\/a> this month.\u00a0<\/p>\n These metrics signal miners and patient investors are confident in sustaining the rally\u2019s trajectory<\/a>.<\/p>\n Seasonal trends often cool summer rallies. Historically, Bitcoin gained 26% in Q2 on average, but the median has been just 7.6% since 2013. Sharp drops\u2014like the 56.2% plunge in Q2 2022\u2014have occurred.\u00a0<\/p>\n Q3 is usually weaker, averaging 6% returns and a slightly negative median. As May nears, many brace for the \u201csell in May<\/a>\u201d effect seen in equities, where the S&P 500 has returned only 1.8% from May through October since 1950.<\/p>\n Macro factors also matter. US inflation has eased<\/a> to 2.4%, and markets now expect Fed rate cuts later in 2025.\u00a0<\/p>\n A weaker dollar boosts risk assets like Bitcoin. Spot Bitcoin ETFs saw $3 billion in net inflows<\/a> in late April, showing strong institutional demand.<\/p>\n Overall, whale profits, healthy on-chain signals, and supportive macro trends underlie Bitcoin\u2019s rally.\u00a0<\/p>\n Yet seasonal headwinds<\/a> and derivative imbalances remain. Traders should set clear risk limits and watch funding rates and economic news this summer.<\/p>\n Disclaimer<\/p>\n In adherence to the Trust Project<\/a> guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div><\/div>\nShort-Term Bitcoin Whales Return to Profit<\/h2>\n
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Seasonal and Macro Dynamics Bolster Outlook<\/h2>\n
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