Glassnode
Large Bitcoin entities are back in profit after sharks and whales slipped underwater during the June low. Smaller wallets stayed profitable throughout, with $BTC holding well above their $48K cost basis.
Why it matters
The split shows that Bitcoin holders entered the June low with different cost bases. Smaller-wallet holders remained above theirs, while larger entities temporarily faced losses. That dynamic has since reversed for the larger groups, according to the seed's on-chain comparison.
The comparison with the 2022 bear market is notable: then, Bitcoin's price fell below every group's cost basis. The current pattern is less broadly underwater, though it does not establish what holders will do next.
Market impact
Large entities returning to profit marks a recovery in their unrealized position, while small wallets have remained in profit across the period described. Cost basis tracks the average acquisition level used to assess whether holders are in profit or loss; it does not reveal whether they have sold or plan to sell.
The key distinction is how broadly profitability holds if Bitcoin weakens again. The 2022 comparison underscores that all holder groups can move underwater in a deeper downturn, while the June low left smaller wallets above their stated $48K basis.
Frequently asked questions
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Which Bitcoin holder groups fell underwater at the June low?
Sharks and whales slipped underwater, while smaller wallets stayed in profit.
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What cost basis did smaller Bitcoin wallets maintain?
Bitcoin held well above the smaller wallets' stated $48K cost basis at the June low.
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How does the June low compare with the 2022 bear market?
In 2022, Bitcoin fell below every group's cost basis. At the June low, smaller wallets remained above theirs.
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What does a holder's cost basis indicate?
It helps assess whether a holder is in unrealized profit or loss. It does not show whether that holder has sold or plans to sell.
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Does large entities' return to profit show what they will do next?
No. The return to profit describes their unrealized position, not whether they have sold or intend to sell.
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