According to Odaily, Julio Moreno, the research director at CryptoQuant, has reported that new 'Bitcoin whales' have incurred losses of up to $1 billion in the past two weeks. This comes after the group had previously made profits in the first quarter of the year. Additionally, 'old whales', or long-term Bitcoin holders, managed to make profits at the beginning of June.
The term 'old whales' is used to describe Bitcoin holders who meet the following criteria: 1) The average UTXO (Unspent Transaction Output) age is more than 155 days. If it's less than 155 days, they are considered 'short-term whales'. 2) They hold a balance of more than 1000 BTC. 3) They have no affiliation with CEX or mining companies.
The recent losses experienced by the new Bitcoin whales indicate a significant shift in the cryptocurrency market. The reasons behind this drastic change are yet to be fully understood. However, it is clear that the volatility of the Bitcoin market continues to present both opportunities and challenges for investors, both new and old.