新的比特币鲸的成本基础约为91900美元

链上数据显示，比特币短期持有人鲸最近的价格是长期持有人鲸的成本基础的三倍。

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讨论了比特币网络上鲸鱼队列的两个主要方面实现的价格如何比较。

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.

这里的“实现价格”是指一个指标，该指标可以跟踪BTC市场中普通投资者的成本基础或收购水平。当该指标的价值高于资产的现货价格时，这意味着持有人整体上都在承担未实现的损失。同样，指标在硬币的价值之下表明投资者的利润占主导地位。

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.

现在，整个行业的实现价格在这里不感兴趣，而是两个特定的投资者同伙的价格：短期持有人和长期持有人鲸鱼。

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）和长期持有人（LTHS）基于持有时间的基础，构成了BTC网络的两个主要部门。在过去155天内购买硬币的所有投资者都将投入到STH中，而那些超过该门槛成熟的人则融入了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，这里的STH和LTHS不仅是任何普通的投资者，而且是“鲸鱼”，这些实体是携带超过1,000 BTC的实体。

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

在过去的几年中，比特币的图表实现了STH和LTH鲸鱼的价格。学分：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.

如上图中可见，比特币实现了过去155天内捕入的鲸鱼的价格，目前为91,900美元。随着BTC最近的恢复集会，现货价格已超过这一线的距离，因此现在应该舒适地在绿色中。

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.

也就是说，他们的情况远不及老兵鲸鱼，他们的成本基础仅为32,200美元。这表明两组的底线之间的差异为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%.

根据分析师的说法，这表明投资者的信心和FOMO越来越有信心，即使以最近的高价，也驱使他们购买。这一趋势与2022年熊市形成鲜明对比，在2022年，两组的成本基础之间的差额降至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%.

现在，新鲸鱼的需求在不久的将来是否会继续强劲，这可能会进一步促进同伙之间的蔓延，这还有待观察。回到2021年的牛市，差距为437％。