1 - New Whales’ Realized Price: New whales—defined as addresses holding over 1,000 BTC with a coin detention time of less than 6 months—have been strategically accumulating Bitcoin around the $60,000 mark. This consistent purchasing behavior at this level indicates that $60,000 has become a significant on-chain support level, reinforced by the substantial influx of institutional investors following the approval of Bitcoin spot ETFs.

The realized price of these new whales, representing the average acquisition cost, is approximately $60,000. This metric highlights the entry confidence of these market participants and underscores the robustness of this price level as a floor for BTC. The influx of institutional capital via spot ETFs has provided additional momentum, further validating the $60,000 level as a critical support zone.

2 - Old Whales’ Realized Price: In contrast, long-term whales—addresses holding more than 1,000 BTC for over 6 months—exhibit a stable realized price. This stability reflects their seasoned investment strategies and low turnover rates, indicative of a long-term accumulation approach.

The behavior of these holders demonstrates a deep-seated confidence in Bitcoin's long-term value, often disregarding short-term market fluctuations. Their stable realized price serves as a benchmark for market stability and long-term support.

The interaction between new and old whales’ realized prices presents a comprehensive view of market dynamics. The significant accumulation by new whales, bolstered 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.

Written by onchained