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BTC: STH Whale Unrealized P&L Turns Negative Again
Aggregate unrealized P&L for Bitcoin's Short-Term Holder Whale cohort declined to approximately -$900.5M on November 8, marking its third consecutive negative daily observation in the available series. The metric reflects the cohort's aggregate unrealized gains and losses. A negative reading indicates a net unrealized loss for the cohort, not that every whale is underwater. The metric previously registered -$2.98B on August 17 before recovering to +$8.42B on September 22. For historical context, unrealized losses were larger on June 6, reaching -$5.47B. Key takeaway: September's positive aggregate unrealized P&L did not persist. The latest negative reading reflects unrealized losses in the reported series, but does not establish realized losses, distribution, or capitulation.