Bitcoin (BTC) price continued to consolidate near $68,000 on Tuesday, but continued weakness below this level could generate additional selling pressure from the latest cohort of enormous holders.
While long-term whales proceed to make gains, short-term whales are sitting on significant unrealized losses. One analyst highlighted how this pressure could impact the value of BTC as other indicators point to a continued downtrend.
Key Takeaways:
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Short-term Bitcoin whales are sitting on net unrealized losses of twenty-two% at current prices.
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The Binance whale inflow ratio increased from 0.4 to 0.62 in two weeks, signaling a rise in deposits from large holders.
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Long-term whales control 71% of major wallet supply and proceed to make gains above their realized price of $41,626.
New BTC whales face increasing unrealized losses
Market analyst Carmelo Alemán noted that 1,000-10,000 BTC wallets currently control 4.483 million BTC. A complete of 1.287 million BTC (28.7%) belongs to whales with short-term holders (STH), while 3.196 million BTC (71.3%) belongs to whales with long-term holders (LTH).
The cost basis gap is critical. STH whales have a realized price of $88,494, representing an unrealized loss of twenty-two%. LTH whales hold a realized price of $41,626 and hold a profit of 65%.
Bitcoin realized the value of latest and old whales. Source: CryptoQuant
Alemán explained that this asymmetry shows that the youngest whale holders are under pressure while older capital has a big cushion.
However, STH whales' realized losses have been limited since Bitcoin's all-time high of $126,000 in October 2025, reflecting holders' resilience.
The key structural level stays at $41,626, the realized LTH price. As long as BTC stays above it, the info reflects a redistribution quite than a structural capitulation, the analyst said.
BTC whale deposits are increasing as pressure on long-term holders increases
The Binance whale inflow ratio, which measures the share of the highest 10 BTC deposits relative to total inflows, increased from 0.4 to 0.62 from February 2 to fifteen. The next ratio indicates increasing whale-driven selling activity.
Whale inflow rate on Binance. Source: CryptoQuant
Crypto analyst Darkfost said that a part of the flow is expounded to the “hyperunit whale” that transferred almost 10,000 BTC to Binance.
LTH's spent output profit ratio (SOPR) also fell to 0.88. SOPR measures whether the coins are sold at a profit or loss, with a worth below 1 meaning losses have been realized. The monthly average SOPR stays at 1.09 and the annual average is 1.87, indicating that long-term profitability continues to be intact.
Additionally, Alphractal founder Joao Wedson said that long-term holders' net unrealized profit/loss (NUPL) is at 0.36, meaning unrealized profits remain positive.
The analyst said that the previous cycle's lows only formed after the metric turned negative, suggesting that Bitcoin should need one other decline to verify the capitulation of the LTH cohorts.
Bitcoin long-term holder NUPL. Source: Joao Wedson/X
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