According to Santiment’s October report, Bitcoin recorded $7.86 billion in net realized profit on-chain despite its price falling 7%, while Ethereum posted a net realized loss of $510 million.
A monthly report summary shared by on-chain analytics platform Santiment on November 4 showed that all the assets it tracked lost value in October. The fact that realized profits outweighed losses for Bitcoin despite the price decline stood in stark contrast to Ethereum’s losses.
Realized profit and loss data tracks the outcome based on the cost basis of coins that move. In October, the amount generated by coins moved at a profit on the Bitcoin side exceeded the amount on the loss side by $7.86 billion. As a result, the month’s price decline pointed in a different direction from the net outcome measured on-chain.
Bitcoin holdings in large wallets rise by 91,500 BTC
Another notable figure in the report was seen in the group of wallets holding 10 to 10,000 BTC. The group’s total balance increased by about 91,500 BTC from September 18 through the October 31 close.
As of the end of October, these wallets held 68.13% of Bitcoin’s supply. The increase in balances over a period of nearly a month and a half showed that accumulation by the large-wallet group continued as prices declined in October.
Losses outweighed profits on 16 of Ethereum’s 18 days
On the Ethereum side, October’s net realized result was a loss of about $510 million. Realized losses exceeded profits on 16 of the 18 days between October 14 and 31.
While Bitcoin ended the month with a net profit, losses remained dominant for Ethereum, pointing to a different picture in terms of the cost levels at which coins moved for the two major cryptocurrencies. Santiment assessed that it did not see widespread capitulation or a wave of selling at a loss in Bitcoin despite the negative market sentiment in October.
Not investment advice.