Is Bitcoin In A Bear Market Now? Here’s What On-Chain Data Suggests
07 Agosto 2024 - 3:30AM
NEWSBTC
Bitcoin has gone through a major crash recently, but has the asset
yet breached the historical bear market boundary? Here’s what
on-chain data says. Bitcoin Is Currently Under Realized Price Of
New Whales In a new post on X, CryptoQuant founder and CEO Ki Young
Ju has discussed what the Realized Price of different key groups in
the Bitcoin market is looking like right now. Related Reading:
Bitcoin MVRV Lowest Since FTX Crash, Signal To Buy The “Realized
Price” here refers to an indicator that keeps track of the average
cost basis or acquisition price that the investors of a given group
currently share. When the asset’s spot price is above this metric,
it means the cohort as a whole can be considered to be in a state
of profit. On the other hand, BTC’s value under the indicator
suggests the average group member is holding a net loss. Now, here
is a chart that shows the trend in the Realized Price for some
major cohorts on the Bitcoin network: The first Bitcoin cohort
listed here is the “New Whales,” which include the large investors
(more than 1,000 BTC in holdings) who bought their coins within the
past 155 days. The likes of the spot exchange-traded funds (ETFs)
and other custody wallets would be included in this category. This
group currently has a Realized Price of $65,000, meaning that these
whales would be in notable losses after the latest cryptocurrency
crash. The next group, the Binance Traders, has a cost basis of
$55,000, around where the asset’s spot price is trading. Thus,
these investors would currently be just breaking even on their
investments. Bitcoin still holds a distance above the Realized
Price of the third group, the Miner Whales, at $45,000. As the
CryptoQuant founder has pointed out, BTC dipping below this level
has historically confirmed a bear market for the coin. From the
chart, it’s visible that the asset last saw major breaches of the
level back in November 2018 and May 2022. It also saw a temporary
break during the COVID crash in March 2020. Related Reading: Crypto
Liquidations Cross $1 Billion As Bitcoin Crashes To $51,000 As the
latest crash has been unable to take Bitcoin below this cost basis
of the mining companies, it’s possible that a transition towards a
bear market hasn’t happened yet. The last cohort in the chart is
the Long-Term Holder Whales, which includes the whales that have
been holding for more than 155 days. The Realized Price of this
group has never been breached in the coin’s entire history and
currently trades around $22,000. BTC Price Bitcoin has recovered
over the past day as its price has gone up 7% to reclaim the
$55,000 mark. Featured image from Dall-E, CryptoQuant.com, chart
from TradingView.com
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