Bitcoin has found a rebound back above the $66,000 mark following a drop towards the on-chain cost basis of the short-term holder whales.
Bitcoin Drawdown Had Nearly Put Short-Term Whales Under Pressure
As pointed out by an analyst in a CryptoQuant Quicktake post, BTC’s price had neared the Realized Price of the short-term holder whales during the recent drop, but had still managed to remain above the level.
The “Realized Price” here refers to an on-chain indicator that, in short, keeps track of the cost basis (that is, the acquisition price) of the average investor in the Bitcoin market.
When the spot price of the cryptocurrency is trading above this level, it means that the investors as a whole are in a state of unrealized profits right now. On the other hand, it being under implies the overall market is carrying losses.
In the context of the current discussion, the Realized Price of the entire Bitcoin market isn’t of interest, but that of only a part of it: the
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