Old and new whales Bitcoin (BTC) accumulation is showing varying price points, with the Spot ETF fueling the latest large-scale buying.
According to data from crypto analytics platform CryptoQuant, old Bitcoin whales mostly purchased the coins at an average price of $21,300, while new whales bought them at an average price of around $56,400.
This different price sign indicates that the BTC price generally has different resistance and support zones that market participants should pay attention to.
However, the current trend sees the coin trading above these two averages with its market cap currently pegged at $68,205, allaying fears of an immediate sell-off by whales.
Identifying Bitcoin Whales
See the attached table shared by CryptoQuant Founder Ki Young Ju. according toold whales refer to investors who held the coins for more than 155 days, while new whales only held the coin for 0 – 155 days.
Since November 2022, there has been a steady increase in average buy points for these two classes of whales.
New whales bought #Bitcoin at $56.4K on average mostly via spot ETFs; old whales at $21.3K. pic.twitter.com/WfWHQUGEuY
— Ki Young Ju (@ki_young_ju) March 18, 2024
The update on Bitcoin whale savings points released by the Founder of CryptoQuant has sparked a lot of curiosity in the community. One X user, John, wanted to know whether investors should “trust the old whales or the new whales.”
In response, Ki Young Ju explained that the new whales are TradFi investors who have just entered the market through their spot Bitcoin ETF products.
K Young Ju specifically mentioned clients of BlackRock and Fidelity Investments, two of the issuers with consistently large daily volume and inflows. This implied that the $56,400 level where investors bought BTC could serve as a formidable support level.
BTC Support Zone
After hitting its All Time High (ATH) above $73,000 last week, Bitcoin price has fallen to $65,000. This pullback has led to speculation about how far the leading crypto asset could fall.
In response to claims that Bitcoin could fall harder, Ki Young Ju claimed that BTC will not fall below the spot ETF listing price of $46,376. Mike Novogratz, CEO of Galaxy Digital, is also optimistic that the coin will not fall below the $50,000 price level in line with support from the spot Bitcoin ETF lap.
Source : The Crypto Basic