Bitcoin Whales Show Confidence Despite Price Drop, Says CryptoQuant Report

CryptoQuant, a leading cryptocurrency analytics firm, has released a new report examining Bitcoin whale activity, revealing differing behaviors among new and long-term investors, miners, and traders.

The report indicates that despite Bitcoin’s current price of around $58,000, large holders, or whales, are maintaining their confidence in the cryptocurrency’s long-term value. New whales, who have held their Bitcoin for less than 155 days, have an underlying cost of $62,038. Although they are currently facing a 6.53% loss, they continue to accumulate Bitcoin, reflecting their belief in its future growth.

In contrast, old whales, those who have held Bitcoin for more than 155 days, have a base cost of $27,843, resulting in a 108.36% profit. Their ongoing retention of Bitcoin suggests they anticipate further price increases.

Miners, with a base cost of $43,179, are currently enjoying a 38.91% profit. Despite their favorable position, there is no indication of a mass sell-off, implying that they might be expecting even higher prices or choosing to sell gradually.

Active traders on Binance have a base cost of $55,471, resulting in an 8.17% profit. Although traders typically engage in short-term transactions, their activity has not led to significant market sell-offs, helping maintain market stability.

Overall, CryptoQuant’s analysis shows that while old whales are holding their positions and new whales are buying, the absence of panic selling from miners and traders contributes to a stable market. This suggests a generally optimistic outlook for Bitcoin’s future growth.