The gap between the cost basis of new and old Bitcoin whales has narrowed by more than half over the past year.

In autumn 2025, the realized price of new whales stood close to $110K, while old whales sat around $40K, a gap of roughly $70K. Today, new whales are at approximately $77K and old whales at $46K, bringing the gap down to about $31K.

The gap is closing from both sides, but not at the same pace. The new whale cost basis fell by around $33K over the year, while the old whale cost basis rose by only about $6K.

The second part is the more notable one. Throughout 2024 and 2025, the old whale realized price climbed steadily, from around $13K to $45K. Since the start of 2026, however, the old whale line has been almost completely flat.

One of the most likely explanations is that a large share of the whales who entered above $100K in 2025 did not hold their coins for five months. They sold as the price declined and never made it into the old whale cohort. The sharp drop in the new whale cost basis is consistent with this picture.

Other factors may also play a role, such as large holders moving coins between exchange or custody addresses, which can affect how coins are classified.

Most whales who bought near the top did not become patient holders. That is why the old whale cohort's cost basis remains relatively low today.

Written by BaykusCharts