Bitcoin has been struggling to gain momentum since the recent halving, but a significant recovery above $66,000 this week has brought renewed optimism. Recent data reveals that the $60,000 price level has emerged as a critical support point, driven by new whale accumulation and the stability of long-term holders.
According to CryptoQuant, new whales—addresses holding over 1,000 BTC for less than six months—have accumulated Bitcoin around the $60,000 mark. This influx, largely attributed to institutional investors following the approval of spot Bitcoin ETFs in the US, has fortified this level as a significant on-chain support.
The average acquisition cost for these new whales is approximately $60,000, indicating their confidence in the market and underscoring the strength of this price level as a support floor. The additional institutional capital from spot ETFs has further validated $60,000 as a crucial support zone.
Meanwhile, long-term whales—those holding over 1,000 BTC for over six months—have shown stable realized prices. This stability reflects their experienced strategies and long-term accumulation approach, often ignoring short-term market fluctuations.
“The interaction between new and old whales’ realized prices offers a comprehensive view of market dynamics,” CryptoQuant noted. The substantial accumulation by new whales, bolstered by institutional investment and ETF approvals, reinforces the $60,000 support level, while long-term whales provide a foundational layer of market confidence.
Moreover, a surge in stablecoin inflows has significantly bolstered market liquidity, a key factor in the bullish narrative amidst the broader market recovery. This enhanced liquidity plays a vital role in sustaining Bitcoin’s ongoing uptrend.
