新的比特幣鯨的成本基礎約為91900美元

鏈上數據顯示，比特幣短期持有人鯨最近的價格是長期持有人鯨的成本基礎的三倍。

In a recent X post, CryptoQuant author Axel Adler Jr has discussed how the Realized Price compares between the two major sides of the whale cohort on the Bitcoin network.

在最近的X帖子中，CryptoQuant作家Axel Adler JR討論了比特幣網絡上鯨魚隊列的兩個主要方面實現的價格如何比較。

The “Realized Price” here refers to an indicator that keeps track of the cost basis or acquisition level of the average investor in the BTC market. When the value of this metric is above the spot price of the asset, it means the holders as a whole are carrying a net unrealized loss. Similarly, the indicator being under the coin’s value suggests the dominance of profit among the investors.

這裡的“實現價格”是指一個指標，該指標可以跟踪BTC市場中普通投資者的成本基礎或收購水平。當該指標的價值高於資產的現貨價格時，這意味著持有人整體上都在承擔未實現的損失。同樣，指標在硬幣的價值之下表明投資者的利潤占主導地位。

Now, the Realized Price of the entire sector isn’t of interest here, but rather that of two specific investor cohorts: the short-term holder and long-term holder whales.

現在，整個行業的實現價格在這裡不感興趣，而是兩個特定的投資者同伙的價格：短期持有人和長期持有人鯨魚。

The short-term holders (STHs) and long-term holders (LTHs) make up the two main divisions of the BTC network based on the basis of holding time. All investors who purchased their coins within the past 155 days are put into the STHs, while those who surpass this threshold mature into the LTHs.

短期持有人（STH）和長期持有人（LTHS）基於持有時間的基礎，構成了BTC網絡的兩個主要部門。在過去155天內購買硬幣的所有投資者都將投入到STH中，而那些超過該門檻成熟的人則融入了LTHS。

At the moment, the STHs and LTHs of focus here aren’t just any ordinary investors, but rather the “whales,” entities who are carrying more than 1,000 BTC in their balance.

目前，這裡的STH和LTHS不僅是任何普通的投資者，而且是“鯨魚”，這些實體是攜帶超過1,000 BTC的實體。

Chart of the Bitcoin Realized Price for the STH and LTH whales over the past few years. Credit: Axel Adler Jr

在過去的幾年中，比特幣的圖表實現了STH和LTH鯨魚的價格。學分：Axel Adler JR

As is visible in the above chart, the Bitcoin Realized Price of the whales who got in during the past 155 days stands at $91,900 at the moment. With BTC’s recent recovery rally, the spot price has gained a notable distance above this line, so the cohort should be comfortably in the green now.

如上圖中可見，比特幣實現了過去155天內捕入的鯨魚的價格，目前為91,900美元。隨著BTC最近的恢復集會，現貨價格已超過這一線的距離，因此現在應該舒適地在綠色中。

That said, their situation is nowhere near as good as that of the veteran whales, who have their cost basis at just $32,200. This indicates that there is a spread of a whopping 185% between the bottom line of the two groups.

也就是說，他們的情況遠不及老兵鯨魚，他們的成本基礎僅為32,200美元。這表明兩組的底線之間的差異為185％。

According to the analyst, this indicates a growing confidence and FOMO among the investors, which is driving them to buy even at the recent high prices. This trend is in sharp contrast to the 2022 bear market, where the difference between the cost basis of the two groups fell to just 65%.

根據分析師的說法，這表明投資者的信心和FOMO越來越有信心，即使以最近的高價，也驅使他們購買。這一趨勢與2022年熊市形成鮮明對比，在2022年，兩組的成本基礎之間的差額降至65％。

It now remains to be seen whether demand from the new whales will continue to be strong in the near future, potentially driving up the spread between the cohorts further. Back in the 2021 bull market, the gap peaked at 437%.

現在，新鯨魚的需求在不久的將來是否會繼續強勁，這可能會進一步促進同夥之間的蔓延，這還有待觀察。回到2021年的牛市，差距為437％。