In the realm of Bitcoin, there are certain addresses, known as “whales,” that hold a substantial amount of the cryptocurrency. Interestingly, there are two types of whales that have been particularly active around the $60,000 price level. This suggests that this price point is of special significance to Bitcoin, as it has become a crucial support level.
The first type of whale, referred to as “new whales,” are addresses that have held over 1,000 BTC for less than six months. These whales have been purchasing BTC near the $60,000 mark using tight basis orders. Their actions demonstrate a strong belief in the long-term value of Bitcoin, regardless of short-term market fluctuations.
In addition to the activity of new whales, institutional investors have also shown confidence in Bitcoin at the $60,000 level. The approval of Bitcoin spot ETFs has resulted in a significant influx of institutional capital. According to CryptoQuant, the average purchase price of these new whales is $60,000, indicating that these large buyers are comfortable entering the market at this price point.
Meanwhile, long-term whales who have held their BTC for over six months also exhibit stability and confidence in Bitcoin. The realized price of their holdings has remained constant for a considerable period of time. These investors are not concerned with the rapid price fluctuations that occur in the short term, as they are focused on the long-term value of Bitcoin.
The actions of both new and long-term whales highlight the $60,000 price level as a stronghold for Bitcoin. The interaction between these two types of whales, coupled with institutional buying and the approval of spot Bitcoin ETFs, solidifies $60,000 as a key support level for the cryptocurrency.
Furthermore, the stability demonstrated by long-term whales instills trust in the long-term viability of Bitcoin. The accumulation of new whales and the unwavering holding patterns of old whales further strengthen the $60,000 threshold as a crucial level for Bitcoin. This support is not only evident among small-scale investors, but also among large-scale institutional investors, making it a significantly important threshold in the market.
