$BTC Drop to $85,000 Creates Losses for Recent Large Buyers


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 $BTC 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 $BTC as of Monday, signaling accumulation.

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December 16, 2025 at 2:06 PM
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