Profitability is a crucial aspect of market psychology, especially concerning influential participants like whales. Examining these players’ profitability provides valuable insights into market sentiment and conditions. The provided chart illustrates the realized price metric for both new and old whale cohorts, reflecting the proportion of BTC supply in profit.
As shown in the graph, the realized price of old whales has consistently acted as a significant support level for bitcoin throughout the main market cycles. Conversely, the realized price of new whales has also emerged as a crucial support during the recent bullish trend towards the all-time high (ATH) of $74K.
Following a rejection from the $74K mark and during the subsequent consolidation correction phase, the realized price of new whales continued to support bitcoin, contributing to a robust price surge. Consequently, the realized price of new whales has become a key reference point for BTC in the short term, potentially bolstering the price and mitigating downward pressures.
