- New Bitcoin whales face $6.95B in unrealized losses, the highest since Oct 2023.
- Bitcoin trades near $110K, about 13% below its recent all-time high of $126K.
- New whales now hold 45% of total whale realized cap, up from 20% earlier.
Bitcoin whale wallets are now facing heavy paper losses. Bitcoin continues to trade below the $113,000 average cost of these new whales, leaving them with unrealized losses totaling nearly $6.95 billion.
The firm noted that this marks the largest unrealized loss for this group since October 2023. Bitcoin, which recently recovered to around $110,000 after the October 10 drop, remains about 13% below its early-month peak of over $126,000.
CryptoQuant stated that these wallets accumulated Bitcoin during recent highs, which has now placed them underwater as the price corrected. The accompanying data confirms that it is the first time since November 2024 that these short-term whales have experienced unrealized losses.
Whale Holdings and Accumulation Trends
According to CryptoQuant, these new whales currently hold about 45% of the total whale realized cap, a sharp rise from under 20% earlier in the year. This suggests that a large portion of the market’s big holders entered during recent price surges.
Despite the losses, several analysts noted continued whale accumulation. Market expert Crypto Patel stated that over 26,500 BTC recently moved into whale wallets.
He explained that such accumulation often occurs when market sentiment is dominated by fear, signaling quiet positioning among large investors.
Market Analysts Observe Broader Stability
Analyst Merlijn the Trader remarked that the ongoing cycle differs from previous bull markets. He said strong inflows from Bitcoin ETFs now shape the market more than retail sentiment. According to him, large investors are taking strategic positions during this stable phase.
Meanwhile, Glassnode data indicate a 30% decline in open interest, suggesting a sharp decrease in leveraged trading. Funding rates have moved close to neutral, making the market more balanced.
Analyst Ted Pillows observed that Bitcoin is testing support between $107,000 and $108,000. He said that holding this range could lead to a price rebound, while a break below it might drive the asset closer to $100,000.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
