In the blockchain market, new whales, defined as addresses holding over 1,000 BTC with a coin detention time of less than 6 months, have strategically accumulated Bitcoin around the $60,000 mark. This consistent purchasing behavior indicates that $60,000 has become a significant on-chain support level, bolstered by the substantial influx of institutional investors following the approval of Bitcoin spot ETFs. The average acquisition cost of these new whales is approximately $60,000, highlighting their entry confidence and the robustness of this price level as a floor for BTC.

In contrast, long-term whales, those holding more than 1,000 BTC for over 6 months, exhibit a stable realized price, reflecting their seasoned investment strategies and long-term accumulation approach. This stability serves as a benchmark for market stability and long-term support, often disregarding short-term market fluctuations.

The interaction between new and old whales’ realized prices presents a comprehensive view of market dynamics. The significant accumulation by new whales, supported by institutional investment and Bitcoin spot ETF approvals, reinforces the $60,000 support level. Meanwhile, the stability exhibited by long-term whales provides a foundational layer of confidence and strategic holding patterns. In summary, the $60,000 price point emerges as a critical on-chain support level, underpinned by both new whale accumulation and long-term holder stability.