Bitcoin whales who purchased tokens within the past 155 days have significantly reduced their loss-taking activity, reaching neutral levels for the first time since October's price decline. Recent on-chain data shows these "new whales"—investors holding more than 1,000 BTC—have paused the selling pressure that contributed to the cryptocurrency's drop from $124,000 to $84,000.
What Happened: Whale Selling Pressure
CryptoQuant, an on-chain analytics firm, reported in a recent post on X that both new and old whale cohorts have shifted to neutral territory in their Realized Profit/Loss metric over the past week.
This indicator measures the net amount of profit or loss that investors realize through their transactions.
New whales—defined as those who acquired their holdings within the past 155 days—had dominated loss realization since Bitcoin's bearish shift in October.
One loss-taking spike exceeded $600 million during the decline from $124,000 to $84,000. At current exchange rates, the whale threshold of 1,000 tokens equals $86.7 million.
The Realized Profit/Loss for both new and old whales has remained mostly in negative territory since October. However, recent data shows loss realization has declined as Bitcoin's price entered a consolidation phase around $87,000.
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Why It Matters: Market Stability
The shift to neutral levels suggests the largest holders in the market are now transferring coins close to their original purchase price rather than selling at steep losses.
Both short-term holder whales and long-term holder whales—those who have held for longer than 155 days—are exhibiting this behavior simultaneously.
Whether this signals the end of whale capitulation remains uncertain. The data indicates these influential investors have temporarily halted the selling pressure that characterized the previous months. Bitcoin started the current week with a recovery surge above $90,000 but subsequently retreated to $87,000.
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