Analysis: New Whales Are Accumulating Bitcoin 60,000 $Price Point
2024-05-17 10:53:18
On May 17th, according to CryptoQuant data, new whales (defined as addresses that hold more than 1,000 BTC and have a token retention period of less than 6 months) have been strategically accumulating Bitcoin at a price of around $60,000. The massive accumulation of new whales, supported by institutional investments and Bitcoin spot ETF approval, has strengthened the $60,000 support level. Meanwhile, the stability exhibited by long-term whales provides a foundational layer for confidence and strategic holding patterns. In summary, based on new whale accumulation and the stability of long-term holders, the $60,000 price point has become a key on-chain support level.
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