Bitcoin's 365-day UTXO Block P/L Count Ratio average fell to 13.6, just 14.1% above its November 21, 2022 reading of 11.92. BTC traded near $16,000 then, versus above $82,000 on October 20, 2026—a price more than five times higher despite a similar long-term profitability reading.

The cost-basis picture remains divided.

Binance user deposit addresses show a realized price of $64,200, putting BTC at least $17,800 (27.7%) above that level.

New whales have a much higher cost basis of $77,120—$12,920 above the Binance address reading—leaving BTC only 6.3% above their average cost at the $82,000 reference price.

Miner whales and long-term holder whales have lower realized prices of $51,820 and $46,400, respectively.

A third signal comes from realized capitalization.

Bitcoin's 30-day Realized Cap Change reached +$12.93 billion on October 22,

67.7% below the $40 billion reading on October 15, 2025, and

79.8% below the $64 billion recorded on July 24, 2025.

Those elevated 2025 readings preceded an approximately 52% .

The positive current reading means realized capitalization is still expanding, just far less rapidly than at those peaks.

Together, the three metrics show a historical profitability divergence, a narrower cushion for new whales than for Binance deposit addresses, and slower realized-cap growth.

Written by Amr Taha