The profit/loss margin for wallets that purchased Bitcoin over the past three months reached -25%, according to on-chain analytics firm CryptoQuant.
Bitcoin News
Bitcoin's decline to $85,800 has pushed new whale investors into unrealized losses not seen since 2023, while on-chain data reveals short-term holders are accumulating during price drops.
Entities that accumulated more than 1,000 Bitcoin over the past 155 days now face losses at levels last observed in 2023. Older whales holding large stakes for longer periods remain in profit despite the recent pullback.
The profit/loss margin for wallets that purchased Bitcoin over the past three months reached -25%, according to on-chain analytics firm CryptoQuant. Drops within the -12% to -37% range have historically marked bull run reversals four times since 2023.
“New whales going underwater doesn’t automatically imply forced selling,” according to Shivam Thakral, CEO of Indian crypto exchange BuyUCoin. “Capitulation risk rises if Bitcoin loses key cost-basis levels for recent buyers, especially around ETF or institutional entry zones.”
A clear divergence exists between long-term and short-term holder behavior. The 30-day net position change for short-term holders, who typically hold assets for less than six months, reached +768,000 Bitcoin as of Monday, signaling accumulation.
Demand today is broader and more institutional compared to prior cycles, with ETFs and corporate balance sheets absorbing supply. This rotation increases near-term price fragility but often establishes the base for consolidation before the next upward move. The top crypto is down nearly 4% over 24 hours.
Long-term holders show a net position change of -755,000 Bitcoin, indicating distribution. Since July 2025, supply held by long-term holders declined by approximately 1.78 million Bitcoin to 13.68 million Bitcoin.
Supply held by short-term holders increased by roughly 1.8 million Bitcoin to 6.28 million Bitcoin during the same period. The shift from long-term to short-term holders represents a normal feature of late-cycle bull markets, reflecting profit-taking and capital rotation rather than outright stress.
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