Bitcoin Whales Slip Into Losses as Small Investors Stay Profitable: What’s Different This Time?

As large Bitcoin wallet groups return to profit, the small-investor group that rode out June’s decline above its average cost basis paints a different picture from the 2022 bear market.

An analysis shared by on-chain data platform Glassnode showed that Bitcoin’s latest decline did not affect every investor group in the same way. At the June low, the price fell below the average cost basis of large wallet groups, while wallets holding less than 1 BTC remained well above their $48,000 cost basis.

As the price recovered, large investor groups also moved back above their cost bases. At the latest point on the shared chart, Bitcoin is trading at $85,900.

The $48,000 threshold that set small investors apart

The analysis classifies wallets holding 100–1,000 BTC as “sharks” and those holding 1,000–10,000 BTC as “whales.” The average cost bases for these two groups are $67,500 and $62,100, respectively. The average cost basis across all wallets is measured at $52,700.

The small-wallet group’s lower cost basis allowed it to preserve unrealized profits overall during the June decline. Large groups fell below their cost bases during the same period and faced unrealized losses.

In 2022, all groups fell below their cost bases

What stands out in the comparison is how widely the decline spread across investor groups. During the 2022 bear market, Bitcoin fell below the average cost basis of every group tracked in the chart. This time, at the June low, only sharks and whales fell below their cost bases.

Thus, despite large wallets falling into loss during the latest decline, the small-wallet group remained profitable—a key distinction between the two periods.