$845 million holdings recorded a $51M unrealized profit, but the financing fee cost for Bitcoin OG cannot be ignored.

According to the latest news, Bitcoin OG holder (address 0xb317…83ae) has recorded over $51.05M in unrealized profits across multiple cryptocurrencies driven by the market rally. However, this whale also paid a cost of $6.64M in funding fees for their positions. What does this reflect?

The Full Picture of the Whale’s Holdings

This Bitcoin OG’s total holdings are valued at $845 million, with a diversified portfolio:

This allocation exemplifies a typical OG strategy—avoiding all-in on a single asset and instead balancing across mainstream assets. Such diversification can yield more stable returns during market uptrends but also involves higher management complexity.

The Reality Behind Unrealized Profits and Funding Fees

$51.05M in unrealized profits looks impressive, but there’s an easily overlooked detail: $6.64M in funding fees.

What does this indicate? The whale isn’t purely holding spot positions; they’ve used leverage on certain positions. Funding fees are costs paid to the short side when using leverage to go long, reflecting the imbalance between bullish and bearish forces in the market. When bullish sentiment is strong, funding fees tend to be higher.

A simple calculation: after deducting $6.64M in funding fees from $51.05M in profits, the actual unrealized gain is about $44.41M. This means leverage costs have eaten up roughly 13% of the unrealized profits. For average investors, this is an important reminder—leverage can amplify gains, but costs are real.

Market Context Supporting These Figures

The unrealized profits are closely tied to Bitcoin’s recent strong performance. According to the latest data, BTC is currently priced at $96,585.09, with notable recent gains:

• 24-hour increase: 1.24%
• 7-day increase: 5.79%
• 30-day increase: 12.26%

The sustained upward trend creates an ideal environment for long positions. Additionally, data from Glassnode shows that Bitcoin OGs have recently ceased aggressive selling, often seen as a positive market signal—long-term players remain bullish.

What Does This Reflect?

OG’s Holding Attitude

Bitcoin OGs choosing to hold rather than sell indicates continued confidence in the market’s future. Their persistence despite $51M in unrealized profits is noteworthy.

Changes in Market Structure

The halt in aggressive selling by OGs suggests that selling pressure from supply may be easing, providing support for prices.

Risk-Reward Balance

Even seasoned whales pay costs for leverage. This serves as a reminder to ordinary investors: there’s no free lunch.

Summary

While the $51M unrealized profit of Bitcoin OGs is impressive, it’s more important to consider their underlying holding strategies and cost structures. Diversification, prudent use of leverage, and holding through market strength are classic tactics of experienced players. The $6.64M in funding fees, though a cost, is manageable relative to the $51M profit. Most importantly, this whale has not sold aggressively after realizing gains—instead, they continue to hold, a signal that may be more meaningful than the numbers alone.