Analysis: The average cost of BTC loss-making positions is $93,600, and a large number of high-position trapped positions have been cut and exited

By: rootdata|2026/04/05 17:42:01

On-chain analyst Murphy stated that the average cost of all loss-making Bitcoin chips has currently fallen below $100,000, now at only $93,600. This means that under the current chip structure, BTC will reach the market average breakeven point when it rises back to $93,000. During the two rapid declines at the end of last year and the beginning of this year, a large number of high-position trapped chips chose to cut losses and exit, lowering the average cost of overall floating loss chips.

It is also observed that the average cost of loss-making chips has a deviation coefficient of 1.4 compared to the current 30-day average price of BTC, while in the past three bear market bottoms, the deviation coefficient has exceeded 2 at least. When the average deviation coefficient is greater than or equal to 2, it indicates that the market has entered an absolute bottom range, at which point the price of BTC is less than 50% of the average cost of loss-making chips. To meet this condition, the lowest point of BTC in this round would need to drop to $46,800, but historical patterns may not always hold true. This bear market may be less painful than any previous bear market. According to PolyBeats monitoring, in the market related to whether Bitcoin will reach $60,000 or $80,000 first on Polymarket, the probability of reaching $60,000 first is 68%, while the probability of reaching $80,000 first is 32%.

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