Bitcoin has reclaimed a critical on-chain threshold as large holders return to profitability, signaling renewed market strength and confidence. The latest data shows the New Whales Realized Price stands near $112,788, with Bitcoin trading above this level. This development marks a key psychological shift as the average cost basis of whale holders now sits below the market price.
The move indicates that whales, controlling about 1.14 million BTC, are no longer in loss positions. Historically, similar recoveries have aligned with renewed accumulation phases and early stages of market expansion. The change underscores a structural improvement in Bitcoin’s market dynamics after months of consolidation.
Moreover, the steady climb in realized prices since mid-2023 reflects sustained capital inflows at higher valuation levels. This trend suggests that new money continues entering the market, strengthening Bitcoin’s cost foundation. As a result, broader sentiment is turning positive amid improving technical and on-chain metrics.
On-Chain Data Highlights Market Transition
The short-term whale realized price has been overtaken by Bitcoin’s spot value for the first time in months. This crossover typically signals the beginning of profit-taking and a maturing recovery phase. The consistent rise in realized prices shows renewed demand and accumulation across key market segments.
Whales are back in the green.
— CryptoQuant.com (@cryptoquant_com) October 28, 2025
Price reclaimed the New Whales Realized Price at $112,788.
This cohort, holding ~1.14M BTC, is no longer underwater.
This marks a key psychological shift for the market. pic.twitter.com/lB21fmeNQs
Whales are demonstrating stronger conviction by maintaining holdings above the realized threshold. This behavior often precedes bullish extensions as price stability improves near higher support levels. Consequently, market participation remains active, supporting liquidity and gradual upward price development.
The balance between short-term and long-term whale cohorts continues to align, reducing market uncertainty. With profitability restored, whales may provide stability through sustained accumulation. These dynamics indicate a constructive outlook for Bitcoin as confidence builds into the next trading cycle.