Short-term Bitcoin holders (STH) are sitting on a record $9.07 billion in unrealized profits, the highest level recorded since 2016, according to a CryptoQuant analyst.

The milestone reflects the strong appreciation in Bitcoin's price and leaves many recently accumulated positions deep in profit. Short-term holders are generally defined as investors who have held Bitcoin for less than 155 days, and this cohort is often considered more sensitive to market volatility than long-term holders. The latest data suggests this group has never been more profitable in nearly a decade. The prior record dates back to 2016, meaning this cohort's aggregate paper gains have now surpassed levels seen even during the 2017 and 2021 bull cycles, when large STH profit pools preceded periods of increased realized selling.

Profit-Taking Risk Increases

According to the analyst, the large unrealized gains could become a significant source of selling pressure if Bitcoin experiences a pullback. Analysts warn that the record paper gains could become a source of selling pressure if Bitcoin weakens.

Historically, STH whales have been among the fastest market participants to realize profits during periods of price weakness or heightened volatility. If market sentiment deteriorates, some of these investors may choose to lock in gains, increasing the supply of Bitcoin available for sale.

However, unrealized profits alone do not guarantee that selling will occur. On-chain analysts commonly distinguish between unrealized and realized gains: unrealized profit is a paper metric that only becomes market supply when holders actually move coins to exchanges or spend them. Whether these gains translate into selling depends on holder behavior, which is why analysts track complementary metrics such as realized profits, exchange inflows, and the STH spent output profit ratio (SOPR) alongside aggregate unrealized figures.

HUGE: STH Bitcoin whales have NEVER been this profitable in nearly a decade. Unrealized profits for Short-term Bitcoin holders just hit a record $9.07 BILLION, the highest level since 2016. That massive paper gain could become a major source of selling pressure if BTC… pic.twitter.com/sr2zjPHTeu — Coin Bureau (@coinbureau) September 8, 2026 (https://x.com/coinbureau/status/2097204536322486508?ref_src=twsrc%5Etfw)

Investors Monitor On-Chain Signals

The latest short-term Bitcoin holder data highlights the importance of on-chain metrics in assessing market risk. While record paper gains demonstrate strong market performance, traders will continue monitoring realized profits, exchange inflows, and whale activity to gauge whether profit-taking begins to accelerate. These indicators could provide early signals of changing market sentiment in the weeks ahead.