Julio Moreno, head of research at CryptoQuant, said in an X post that the data showed that the new "bitcoin whales" had lost $1 billion in the past two weeks. Previously, the group had made a profit in Q1. In addition, the long-time holding whales (Old whales) made a profit in early June. Definition of long-term holding whale: average UTXO age over 155 days (short-term holding whale if less than 155 days); balance over 1000 BTC; no association with CEX or mining companies.