CryptoQuant, a cryptocurrency analysis firm, recently made statements regarding the factors behind Bitcoin's recent price recovery.
After a 22% decline from its all-time high, Bitcoin's price showed strong support near $60,000. According to the analysis company, this support level is significantly affected by the behavior of new groups of whales.
The firm analyzed realized price and supply trends across different Bitcoin address groups to understand market dynamics and future price impacts. The first chart presented by CryptoQuant shows realized price trends for new whales, old whales, and addresses with balances exceeding 10,000 BTC.
- Realized Price of New Whales: The green colored line represents new whales, defined as addresses with an average coin age of less than six months and holding more than 1,000 BTC. Realized prices have risen significantly, closely tracking Bitcoin's market price, indicating continued accumulation at higher prices.
- Realized Price of Old Whales: The orange line represents old whales, which are addresses with an average coin age of more than six months and holding more than 1,000 BTC. Realized prices remain relatively stable, indicating that these token holders have a stable and lower average cost basis.
- Realized Price of Large Wealth Whales: The purple line represents addresses with balances above 10,000 BTC. This line shows a steady increase in line with the overall upward trend.
According to CryptoQuant, the fact that the realized price of new whales is in line with the market price of Bitcoin, especially after the approval of Bitcoin spot ETFs by the SEC, shows that the buying pressure of this group continues. On the other hand, the stable realisation price of old whales suggests that they have not been significantly affected by recent liquidity changes.
*This is not investment advice.