Cryptocurrency analytics firm CryptoQuant has just released its latest report on the activities of Bitcoin “whales,” highlighting the differences in behavior between new investors, long-term investors, miners, and traders.
Despite Bitcoin's price drop to $58,000, whales and large holders remain confident in the coin's long-term potential, according to the report.
Comparative analysis of the cost basis of Bitcoin holdings compared to current prices:
New whales (holding for less than 155 days): With an average cost of $62,038, they are currently at a loss of 6.53%. However, this group continues to accumulate more Bitcoin, demonstrating confidence in the long-term growth of the cryptocurrency.
Long-term whales (holding for more than 155 days): Long-term holders have an average cost of $27,843, earning a return of 108.36%. Despite the high returns, their lack of selling suggests a belief that Bitcoin’s price can rise further.
Miners: With an average cost of $43,179, miners are making a profit of 38.91%. However, there are no signs of this group selling off, suggesting they expect the price to rise further or they are selling slowly.
Binance Traders: The average cost of traders on Binance is $55,471, with a profit of about 8.17%. Although traders tend to profit from short-term volatility, CryptoQuant sees no signs of major sell-offs from this group, helping the market maintain stability.
In conclusion, CryptoQuant said that long-time whales remained in position, reducing selling pressure, while new investors and traders on Binance continued to buy, showing optimism about the future of Bitcoin.
