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A long-term indicator tracking Bitcoin holders’ profitability is approaching its lowest level since November 2022, according to crypto analyst Amr Taha.
CryptoPotato explained there is a key difference from November 2022: Bitcoin was trading at around $16,000 then, versus roughly $81,000 now. The outlet said large-scale investors that have recently made sizable purchases have an average cost basis of $77,120, meaning that if BTC is currently at $82,000, their returns are only about 6.3%. By contrast, the average realized price based on Binance deposit addresses is about $64,200, leaving a wider gap with the current price. That suggests recently entered whale investors may be more vulnerable to price declines and less able to hold through drawdowns than existing holders.