Bitcoin short-term holders had an average unrealized gain of about 9.5% as of Oct. 21, while new investors’ share of network capital rose to 11.2%, analyst Axel Adler Jr. said in comments relayed by BlockBeats on Oct. 22.
Capital share remains below prior peaks
Adler said the new-investor share had climbed from a year-to-date low of 6.6% on July 5. He said the latest reading remained below levels above 20% seen in 2024 and 2025. The analysis described 11.5% as a level that could indicate stronger buyer demand and 10% as a level below which inflows could stall; these are the analyst’s monitoring thresholds, not forecasts.
Adler’s figures put Bitcoin near $82,300 and the average short-term-holder cost near $75,100. The data and thresholds are attributed to his analysis and do not independently establish future price direction.