Bitcoin (BTC) accumulation by old and new whales shows distinct price points with Spot ETF fueling the latest large-scale buyup.
According to data from crypto analytics platform CryptoQuant, old Bitcoin whales acquired the coin mostly at an average price of $21,300 while new whales bought on average around the $56,400 mark.
This differing price mark shows that Bitcoin price in general has different resistance and support zones that market participants need to watch out for.
However, the current trend allay the fears of immediate selloff by whales, seeing the coin is trading above these two averages with its market value currently pegged at $68,205.
Identifying the Bitcoin Whales
According to the accompanying chart shared by CryptoQuant Founder Ki Young Ju, old whales mark investors who have held the coin for over 155 days while the new whales have only held onto the coin from 0 – 155 days.
Since November 2022, there has been a steady upshoot in the average buying 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 accumulation points posted by the CryptoQuant Founder sparked a lot of curiosity in the community. One X user John demanded to know if investors should “count on old whales or new whales?”
In response, Ki Young Ju clarified that new whales are TradFi investors just making their way into the market through spot Bitcoin ETF products.
Specifically, K Young Ju mentioned the customers of BlackRock and Fidelity Investments, two of the issuers with a consistently large daily volume and inflows. He hinted that the $56,400 mark at which these investors purchased BTC could serve as a formidable support level.
Bitcoin Support Zone
After breaching its All-Time High (ATH) above $73,000 in the past week, Bitcoin price fell back to as low as $65,000. This retracement has sparked speculation on how far the premier coin could slip.
In response to assertions that Bitcoin might fall harder, Ki Young Ju asserted that BTC would not drop below the spot ETF listing price of $46,376. Mike Novogratz, the CEO of Galaxy Digital is also optimistic the coin cannot drop below the $50,000 price level in line with the boost from spot Bitcoin ETF embrace.