Analyst: The current average cost of all Bitcoin loss positions is only $93,600.

ME News message, on April 6 (UTC+8), crypto analyst Murphy posted on the X platform saying that the average cost basis of all loss-making chips in Bitcoin is only $93,600. In other words, under the current loss structure, if BTC rises back to $93k, it would bring the average loss-making chips back to breakeven. Even though a lot of chips are still trapped above the current level, it can be determined that in the two rapid sell-offs at the end of last year and the beginning of this year, a large amount of high-altitude trapped chips must have chosen to cut losses and exit the market—this is what dragged down the average cost basis of the overall unrealized losses. This figure’s deviation coefficient versus the current BTC price’s 30-day average is 1.4. In the past three bear-market bottoms, the deviation coefficient has been at least over 2.0, i.e., greater than or equal to 2.0. That means when entering the absolute bottom range, BTC’s price was only a little less than half of the “average cost basis of loss-making chips.” To meet this condition, this round of BTC would need to fall to $46,800. If it does not fall to that level, then this will be the most special bear market in history, because in terms of “pain level,” it will be much lighter than any previous bear market. (Source: PANews)