{"id":633426,"date":"2024-08-07T06:30:28","date_gmt":"2024-08-07T06:30:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=633426"},"modified":"2024-08-06T17:08:49","modified_gmt":"2024-08-06T17:08:49","slug":"bitcoin-bear-market-on-chain-data-suggests","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-bear-market-on-chain-data-suggests\/","title":{"rendered":"Is Bitcoin In A Bear Market Now? Here’s What On-Chain Data Suggests"},"content":{"rendered":"

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.<\/p>\n

Bitcoin Is Currently Under Realized Price Of New Whales<\/h2>\n

In a new post<\/a> 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.<\/p>\n

Related Reading: Bitcoin MVRV Lowest Since FTX Crash, Signal To Buy<\/a><\/div>\n

The “Realized Price<\/a>” 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.<\/p>\n

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.<\/p>\n

Now, here is a chart that shows the trend in the Realized Price for some major cohorts on the Bitcoin network:<\/p>\n

\"Bitcoin
Looks like the asset had been above all of these levels before the crash | Source: @ki_young_ju on X<\/a><\/figcaption><\/figure>\n

The first Bitcoin cohort listed here is the “New Whales<\/a>,” 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)<\/a> and other custody wallets would be included in this category.<\/p>\n

This group currently has a Realized Price of $65,000, meaning that these whales would be in notable losses after the latest cryptocurrency crash.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Related Reading: Crypto Liquidations Cross $1 Billion As Bitcoin Crashes To $51,000<\/a><\/div>\n

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.<\/p>\n

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.<\/p>\n

BTC Price<\/h2>\n

Bitcoin has recovered over the past day as its price has gone up 7% to reclaim the $55,000 mark.<\/p>\n

\"Bitcoin
The price of the coin seems to have gone through a significant drawdown recently | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":542,"featured_media":633459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,7104,87431,9960,639,87335,86297,1119,1144],"class_list":["post-633426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bear-market","tag-bitcoin-cost-basis","tag-bitcoin-etfs","tag-bitcoin-miners","tag-bitcoin-on-chain-data","tag-bitcoin-realized-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nIs Bitcoin In A Bear Market Now? Here's What On-Chain Data Suggests<\/title>\n<meta name=\"description\" content=\"Bitcoin has gone through a major crash recently, but has the asset yet breached the historical bear market boundary? 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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