In the realm of Bitcoin, there are certain addresses known as “whales” that hold a significant amount of the cryptocurrency. Recently, two types of whales have been making waves around the $60,000 price level, indicating its importance as a support point for Bitcoin. These “new whales” are addresses that have acquired over 1,000 BTC in the past six months and have been buying BTC near $60,000 with a tight basis order.
The behavior of these holders demonstrates a strong belief in the long-term value of Bitcoin, disregarding short-term market fluctuations. This institutional confidence in Bitcoin has further solidified the $60,000 price level as a critical support level.
The approval of Bitcoin spot ETFs has attracted a substantial influx of institutional capital, with the realized price of new whale purchases averaging $60,000. These significant buyers are comfortable entering the market at this price level.
On the other hand, long-term whales who have held their Bitcoin for over six months have also shown stability at the $60,000 price level. The value of their realized price has remained consistent, indicating their indifference towards short-term price fluctuations.
These investors have held onto their Bitcoin through various market conditions, confident in the long-term value of the cryptocurrency. Their actions align with core value investing principles.
The accumulation of new whales and the stability exhibited by long-term whales highlight the $60,000 price level as a stronghold for Bitcoin. This is further reinforced by institutional investors and the approval of Bitcoin ETFs. $60,000 has become a key on-chain support threshold for Bitcoin, backed by both small-scale investors and large-scale institutional investments.
In summary, the behavior of whales, both new and old, along with institutional investors, has cemented the $60,000 price level as a significant support level for Bitcoin. This demonstrates the market’s confidence in Bitcoin’s long-term viability and solidifies its position in the cryptocurrency landscape.