Here’s what on-chain data says regarding profitability and how the different Bitcoin investor cohorts compare.
New Bitcoin Whales Are The Only Group In Loss Right Now
In a CryptoQuant Quicktake post, an analyst discussed where the Realized Price of the different Bitcoin cohorts currently stands. The “Realized Price” here is an on-chain indicator that, in short, tells us about the average acquisition price or cost basis of the addresses on the BTC network.
When the value of this metric is greater than the asset’s spot price, it means the investors are in a state of net loss right now. On the other hand, it being under BTC’s value suggests the average holder is enjoying a profit.
Naturally, the Realized Price being exactly equal to the spot price of the cryptocurrency implies the overall market is currently just breaking even on their investment.
In the context of the current topic, the Realized Price of the entire market isn’t of interest, but rather that of four segments: New Whales, Miner Whales, Long-Term Holder Whales, and Binance User Deposit Addresses.
Below is the chart shared by the quant that reveals the trend in the Realized Price for each of these groups over the past decade.
Looks like the New Whales have their cost basis higher than the asset's price right now | Source: CryptoQuant
As is visible in the above graph, except for one, the Realized Price of all cohorts is under the current price of Bitcoin, indicating they are carrying unrealized gains.
The exception here is the New Whales, which refers to the investors who own more than 1,000 BTC and purchased their coins within the past 155 days. As the name suggests, this cohort includes the large hands of new entrants in the sector.
At present, the Realized Price is at a value of $62,000 for these holders, meaning that they are holding a slight loss of 3% of the average at the current spot price of the asset.
In sharp contrast to the New Whales, the Long-Term Holder Whales, who include the whales aged past the 155-dary mark, are in the most comfortable position in the market, with their average cost basis being at $27,800, putting them an impressive 116% above water.
The group second to these veteran whales in terms of profitability is the Miner Whales cohort, which comprises the miner-related wallets holding at least 1,000 BTC. The group essentially represents the balance of the Bitcoin mining companies.
These large chain validators are profiting around 39%, with their Realized Price at $43,200. While these gains aren’t nearly as big as those of the Long-Term Holder Whales, they still mean that the Miner Whales have a comfortable cushion.
The Binance User Deposit Addresses are also in the green, but with the indicator at $55,500, the situation can quickly get stressful for them, as they have a profit margin of just 8%.
BTC Price
Bitcoin had plunged back under $58,000 yesterday, but the coin appears to have already rebounded as its price has now reclaimed $60,300.
The price of the asset appears to have seen a sharp jump in the last 24 hours | Source: BTCUSDT on TradingView
