Is the Bitcoin Bull Over? New Whales Hit Losses, Old Whales Fade

In Brief

• Bitcoin experiences severe losses with New Whales moving into unrealized loss territory.
• The third price drop resulted in the highest realized loss for Bitcoin holders.
• Short-Term Holders suffered larger losses, highlighting Bitcoin’s market volatility.

Bitcoin experienced significant realized losses in three major price drops during the current market cycle. 

In the first drop, Bitcoin saw a realized loss of $2.9B with 5.9M BTC in losses, but the market remained slightly profitable overall. The NUPL stood at 0.41, suggesting the market was still in a mildly profitable state.

The second drop brought a decrease in realized loss to $2.3B with 5.1M BTC in loss. However, the NUPL remained almost balanced at 0.42, indicating less severe damage but still substantial losses. 

The Unrealized Profit Ratio for New Whales dropped significantly, signaling greater pain for large investors during this phase.

Unrealized Losses Hit New Whales, Old Whales Hold Strong

The third drop saw Bitcoin’s realized loss increase dramatically to $5.8B, with 7.5M BTC in losses. The NUPL fell to 0.33, pushing the market deeper into loss territory, with both large and short-term investors facing challenges. 

The Unrealized Profit Ratio for New Whales jumped to 0.19, signalling that even large investors felt the market pain.

While New Whales faced significant losses, Old Whales held their ground with a decreased Unrealized Profit Ratio of 1.11. The charts reveal how New Whales moved into unrealized loss territory for the first time since May 2022. 

This indicates a more severe downturn, as market conditions worsened for these large Bitcoin holders during the third drop.

The data paints a picture of heightened volatility and risk in Bitcoin’s market. Both New Whales and Short-Term Holders faced notable losses, especially during the latest price correction.