CryptoQuant, a leading cryptocurrency analytics firm, has shared its latest assessment of Bitcoin whale activity, highlighting the contrasting behaviors between new and old investors, miners, and traders.
New Whale Activity
The report shows that despite Bitcoin’s price dropping to $58,000, whales and other significant holders remain confident in the asset’s long-term prospects. New whales (holding BTC for less than 155 days) have an underlying cost of $62,038, currently down 6.53%. However, despite this decline, new whales continue to accumulate Bitcoin, demonstrating their long-term belief in the cryptocurrency's future growth.
Behavior of Old Whales and Miners
Old whales (holding for more than 155 days) have a base cost of $27,843, giving them a 108.36% profit. Despite significant gains, the fact that old whales are still holding suggests that they expect the Bitcoin price to rise further. Miners, with a base cost of $43,179, are currently making a 38.91% profit. CryptoQuant reports no signs of a mass sell-off from miners, implying they expect higher prices or prefer gradual sales.
Role of Binance Traders in Market Stability
The base cost for active traders on Binance is $55,471, yielding an 8.17% profit. While traders are more likely to make quick profits contributing to short-term market fluctuations, CryptoQuant notes that this has not triggered major sell-offs and has maintained overall market stability.
CryptoQuant concludes that old whales are holding their positions, minimizing selling pressure. At the same time, new whales and Binance traders are actively buying, indicating optimism about Bitcoin’s future growth. The absence of panic selling by miners and traders signifies a stable market in the short term.
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