Amid halving, who are big Bitcoin winners in unrealised profits?

Who are Bitcoin winners in unrealised profits?

The founder of the crypto analytics platform CryptoQuant, Ki Young Ju, posted data on X of unrealised Bitcoin profits held by various types of investors, showing old whales emerging as the big winners.

Long-term Bitcoin investors known as old whales have accumulated a 223% increase in unrealised profits, indicating that their holding strategy combined with increased Bitcoin prices have served them well. Bitcoinist was first to publish the data.

Bitcoin mining companies have also done well in unrealised profits.

Small miners saw an increase of 131%.

Big miners, many of them listed companies, enjoyed an 81% increase.

Rising Bitcoin prices since late last year provided a boost leading up to the halving early Saturday morning at 12:09 am UTC, and they have held steady so far today above $63,000. Still, the mining industry is seen becoming more competitive amid a 50% reduction in Bitcoin rewards for successful block transactions.

Halving may severely deplete a Bitcoin mining company’s revenue, depending on its business model, as DL News has reported. If mining operations are not efficient enough they may even become unprofitable.

This has caused analysts from crypto exchange Coinbase and research firm Bernstein to predict that the mining industry will enter a post-halving consolidation phase as big players scoop up struggling rivals.

Bitcoin miner hits jackpot with halving block

After the fourth halving, rewards for successful bitcoin miners were cut in half to 3.125 Bitcoin per block, as well as any additional fees associated with the transaction.

The halving block itself, the 840,000th, was mined by ViaBTC, which made more than 40 Bitcoin, or about $2.6 million in block rewards and additional fees, Investopedia reported, citing data from mempool.space.

The report said users seemed willing to pay the additional fees to get their transactions recorded among the 3,050 that were included in the halving block.

What will Bitcoin price be at 2028 halving?

After a halving, miners may receive smaller block transaction rewards for their efforts, but with fewer Bitcoin being produced, halvings have often been followed by price increases.

Swyftx lead analyst Pav Hundal offered Cointelegraph a prediction of at least a 100% price increase by the 2028 halving, which would put Bitcoin at about $120,000.

“We’ve gone from trough-to-peak price gains of more than 60,000% in 2013, to 12,000% in 2017, and then 2,000% in 2021,” he said.

Henrik Andersson, chief investment officer at Australian crypto investment firm Apollo Crypto, foresees a peak price of $200,000 before 2028.

Andersson said Bitcoin would be powered by wider institutional acceptance from recently approved spot Bitcoin ETFs in the US.

Caroline Bowler, CEO of BTC Markets, said she was looking to investment banking firms such as Standard Chartered that say Bitcoin may reach $200,000 by the end of 2025.

“In the short window of time we’ve seen with ETF involvement, there has been ongoing support for that thesis,” she said.

Crypto market movers

• Bitcoin is down 0.38% today at $63,617.10.
• Ethereum is down 0.40% today at $3,045.68.

What we are reading

• The Bitcoin network completes the fourth-ever ‘halving’ of rewards to miners — CNBC
• The Bitcoin halving just happened — here’s what it means — DL News
• The Bitcoin Halving Is Here, and With It a Giant Surge in Transaction Fees — CoinDesk