Whale Cost Basis Pinpoints Bitcoin Support Zone; Short-Term Holders Are the Primary Lost Sellers
A CryptoQuant report by Axel Adler Jr. shows that Bitcoin's realized net profit/loss (90-day MA) has been negative for five consecutive months, currently at -203.2 million USD, indicating systematic loss realization across the market. Cost-basis breakdown reveals: whales (10,000+ BTC) at $48,100, small addresses (10-100 BTC) at $47,800, large wallets (1,000-10,000 BTC) at $56,500 — all still below spot price. Only the 100-1,000 BTC cohort ($65,700) is underwater, driving current loss-selling. Core support lies between $48,000-$56,000; a breakdown would activate broader losses.

