According to CryptoPotato, Bitcoin's price has seen a significant recovery this week, surpassing the $66,000 mark. This comes after a period of stagnation following the halving event. Current data suggests that the $60,000 price point has become a crucial on-chain support level, bolstered by new whale accumulation and the stability of long-term holders.
CryptoQuant's latest findings reveal that new whales, defined as addresses holding over 1,000 BTC for less than six months, have been accumulating Bitcoin around the $60,000 level. This accumulation has established this price point as a significant on-chain support level. The influx of institutional investors following the approval of spot Bitcoin ETFs in the US further supports this level. The average acquisition cost, or realized price, for these new whales is around $60,000, indicating their confidence in the market and the strength of this price level as a support for Bitcoin.
In addition to the new whales, long-term whales, those who have held over 1,000 BTC for more than six months, have shown a stable realized price. This stability often reflects these investors' experienced strategies and low turnover rates, indicating a long-term accumulation approach. These holders often demonstrate strong confidence in Bitcoin's long-term value, often disregarding short-term market fluctuations. Their stable realized price serves as a benchmark for market stability and long-term support.
Another factor contributing to the bullish narrative amid the market-wide recovery is the surge in the volume of stablecoins entering the market. Notable increases in stablecoin inflows have coincided with Bitcoin's price fluctuations, indicating increased liquidity in the market, which is crucial for sustaining the ongoing uptrend.