Bitcoin slipped into a zone that usually signals deep pain.

$BTC is now trading below the realized price of whales holding 100-1K BTC sitting around the $69K level.
In simple terms:
Even large holders from this bracket are underwater right now.
The last time this happened after ATH was June 2022 and BTC stayed below that level for nearly 7 months before recovery kicked in.
When the price drops under the whale cost basis, it usually means the market is in a heavy reset phase, not a quick dip.
Smart money isn’t in profit here, and that tells you how deep this correction really is.