Bitcoin whales have encountered the largest unrealized loss since October 2023.

  • The new Bitcoin whales are facing an unrealized loss of $6.95 billion, the highest level since October 2023.

  • The trading price of Bitcoin is close to $110,000, about 13% lower than the recent historical high of $126,000.

  • The new whales currently hold 45% of the total market value realized by whales, up from the previous 20%.

Bitcoin 'whale' wallets are now facing significant paper losses. The trading price of Bitcoin continues to be below the average cost of these 'new whales' at $113,000, resulting in a total unrealized loss approaching $6.95 billion.

The company noted that this is the group's largest unrealized loss since October 2023. Bitcoin recently rebounded to around $110,000 after dropping on October 10, but is still about 13% lower than the peak of over $126,000 at the beginning of the month.

These wallets accumulated a large amount of Bitcoin during the recent price peak, but with the price correction, these wallets have found themselves in trouble. Accompanying data confirms that this is the first time since November 2024 that these short-term 'whales' have encountered unrealized losses.

The total market value of cryptocurrencies currently held by these new whales accounts for about 45% of the total whale market value, a significant increase from less than 20% earlier this year. This indicates that a large portion of the major players entered the market during the recent price surge.

Despite the losses, whales continue to accumulate. Recently, over 26,500 BTC entered whale wallets.

The current cycle is different from previous bull markets. The strong inflow into Bitcoin ETFs now influences the market more than retail sentiment. Large investors are taking strategic positions during this stable phase.

Meanwhile, the number of open contracts has decreased by 30%, indicating a sharp decline in leveraged trading volume. The financing rate is nearing neutral, making the market more balanced.

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