Bitcoin’s on-chain cost-basis structure shows pressure building among recent large buyers, while the broader market trend remains constructive as long as BTC holds above the realized price of Binance user deposit addresses.

On June 30, the realized price for New Whales, defined as whales holding coins for less than 155 days, stood at $69,900.

With Bitcoin trading near $60,100, this cohort was sitting on an estimated 14% unrealized loss, leaving recent large buyers nearly $10,000 below their average acquisition price.

That creates a potential source of overhead pressure.

New whales that bought near the recent highs may be more likely to sell into rallies as Bitcoin approaches their cost basis.

However, broader on-chain positioning remains more resilient.

The realized price of Binance User Deposit Addresses was $57,070, placing Bitcoin still above a key cost basis for exchange-linked users. As long as BTC remains above this level, the wider bullish structure can be considered intact, with pressure still concentrated among newer whale buyers rather than spreading across broader market cohorts.

Other major whale groups remain comfortably in profit. Miner Whale realized price stood at $53,373, while Long-Term Holder Whale realized price was significantly lower at $47,688.

The current structure therefore shows a divided market: recent whales are underwater, but Binance users, miner whales, and long-term holder whales remain above their respective cost bases.

For now, the key condition is simple: Bitcoin needs to maintain its position above the $57K Binance realized-price level to preserve the broader upward trend.

Written by Amr Taha