The post Why Bitcoin LTHs hold steady while new BTC whales face $1B in losses appeared on BitcoinEthereumNews.com. Journalist Posted: November 12, 2025 Key takeaways Why is Bitcoin’s risk-return profile weakening? Metrics like the Sharpe Ratio and NRM have fallen as institutional demand cools. What are Bitcoin whales doing during this phase? While new whales face over $1 billion in losses, long-term holders have doubled their holdings. Bitcoin’s [BTC] risk-reward tradeoff is changing. Institutional appetite is cooling, and key performance metrics are slipping. New whale cohorts are deep in the red, too. And yet… long-time holders (LTHs) are buying, with no intent of slowing down. Here’s the rundown. Is BTC cooling off? Source: Alphractal The risk-return profile of Bitcoin is weakening. Both its annualized Sharpe Ratio and Normalized Risk Metric (NRM) have been trending lower. This highlights a year of underwhelming performance and fading investor enthusiasm. Source: Alphactal According to Joao Wedson, CEO of Alphractal, this cautious phase among institutions could make way for a reset, or even a surprise move. In a post on X (formerly Twitter), he said, “When these metrics drop, it usually means investors aren’t very excited or confident… and that’s exactly when the market loves to catch everyone off-guard.” Even if Bitcoin tests new highs, the most explosive part of this cycle may already be behind us. The struggle of new money According to CryptoQuant, newer whale cohorts are feeling the pressure. Since late October, Bitcoin has stayed below the Average Cost Basis of around $110.8K, pushing many into deep losses. Source: CryptoQuant Data shows this group has realized more than $1 billion in losses within days, including $515 million on the 7th of November alone. The dip is testing whale confidence, creating tension between old and new money in the market. Whether these whales hold or capitulate could decide how BTC swings next. LTHs are locked in Source:X Between the 24th of… The post Why Bitcoin LTHs hold steady while new BTC whales face $1B in losses appeared on BitcoinEthereumNews.com. Journalist Posted: November 12, 2025 Key takeaways Why is Bitcoin’s risk-return profile weakening? Metrics like the Sharpe Ratio and NRM have fallen as institutional demand cools. What are Bitcoin whales doing during this phase? While new whales face over $1 billion in losses, long-term holders have doubled their holdings. Bitcoin’s [BTC] risk-reward tradeoff is changing. Institutional appetite is cooling, and key performance metrics are slipping. New whale cohorts are deep in the red, too. And yet… long-time holders (LTHs) are buying, with no intent of slowing down. Here’s the rundown. Is BTC cooling off? Source: Alphractal The risk-return profile of Bitcoin is weakening. Both its annualized Sharpe Ratio and Normalized Risk Metric (NRM) have been trending lower. This highlights a year of underwhelming performance and fading investor enthusiasm. Source: Alphactal According to Joao Wedson, CEO of Alphractal, this cautious phase among institutions could make way for a reset, or even a surprise move. In a post on X (formerly Twitter), he said, “When these metrics drop, it usually means investors aren’t very excited or confident… and that’s exactly when the market loves to catch everyone off-guard.” Even if Bitcoin tests new highs, the most explosive part of this cycle may already be behind us. The struggle of new money According to CryptoQuant, newer whale cohorts are feeling the pressure. Since late October, Bitcoin has stayed below the Average Cost Basis of around $110.8K, pushing many into deep losses. Source: CryptoQuant Data shows this group has realized more than $1 billion in losses within days, including $515 million on the 7th of November alone. The dip is testing whale confidence, creating tension between old and new money in the market. Whether these whales hold or capitulate could decide how BTC swings next. LTHs are locked in Source:X Between the 24th of…