“Traders on Binance and new whales are actively buying, while old ones continue to hold,” noted on-chain analyst and CryptoQuant author known as IT Tech. He also discussed the investment profits in the leading cryptocurrency among various market participants.
#Bitcoin Base Cost Analysis: Whales vs. New Investors
“New whales and Binance traders are actively buying, while old whales continue to hold. This mix could signal market stability and potential price growth.” – By @IT_Tech_PL
Link ?https://t.co/thpqa7G5YK pic.twitter.com/Ro9RqghleU
— CryptoQuant.com (@cryptoquant_com) September 16, 2024
According to his observations, “new whales”, holding bitcoin for less than 155 days, purchased coins at an average price of $62,038. Their unrealized loss amounts to 3.28% with the digital gold price at $60,000.
“Despite the decline, new whales continue to accumulate [coins], demonstrating long-term confidence in bitcoin,” noted IT Tech.
“Old whales”, on the other hand, are in significant profit — 115.54%. The base purchase cost for this category is $27,843.
“Despite significant profits, old whales are holding, anticipating further price growth,” commented the expert.
Miners bought bitcoin at an average of $43,179, indicating an unrealized financial result of 38.91%. According to IT Tech, there is no tendency among these market participants for massive sales — rather a trend towards accumulation, or a scenario of gradual position reduction.
The average figure for traders on Binance is 8.17% with a base purchase cost of $55,471.
“Traders are more inclined towards quick profits, contributing to short-term volatility,” commented the analyst.
Based on IT Tech’s observations, the current situation indicates market stability and potential price growth for the leading cryptocurrency.
Earlier, WeRate co-founder Quinten Francois suggested that the bull market could “restart” as early as the beginning of October.