Bitcoin's price has nearly recovered from a 22% drawdown from its all-time high, showing strong support at $60,000. This support level is influenced by the behavior of new whale cohorts. Let's analyze the realized price and supply trends among different Bitcoin address cohorts to understand market dynamics and future price implications.
Realized Price by Address Cohorts: New vs. Old Whales
The first chart shows the realized price (RP) trends for new whales, old whales, and addresses with balances exceeding 10,000 BTC.
Key Observations:
New Whales RP: The green line represents new whales (addresses holding more than 1,000 BTC with an average coin age of less than six months). Their RP has risen significantly, closely following Bitcoin's market price, indicating continuous accumulation at higher prices.
Old Whales RP: The orange line for old whales (addresses holding more than 1,000 BTC with an average coin age of more than six months) remains relatively flat, suggesting these holders have a stable, lower average cost basis.
Large Balances RP: The purple line for addresses with balances over 10,000 BTC shows a steady increase, aligning with the overall bullish trend.
Implications:
The alignment of new whales' RP with Bitcoin's market price, especially after the SEC approval of Bitcoin spot ETFs, indicates sustained buying pressure from this cohort.
The stable RP of old whales suggests they are not significantly affecting recent liquidity changes.
Written by onchained