Yeliz Akmaca 
On-chain data reveals that new whales in the Bitcoin market are taking positions at significantly higher prices compared to long-term whales. According to an analysis shared by CryptoQuant author Axel Adler Jr., the cost basis of short-term whales is nearly three times that of long-term whales. This indicates a significant shift in Bitcoin’s price dynamics.
New Whales’ High Cost Basis
Firstly, the cost basis of new Bitcoin whales is approximately $91,900. This reflects the average acquisition price of short-term holders (STH) who have purchased over 1,000 BTC ($103.3 million) in the last 155 days. In contrast, the cost basis of long-term holders (LTH) is much lower. This disparity shows that new whales are entering the market at high prices. Moreover, it suggests that new investors taking positions above the current Bitcoin price may face unrealized losses. However, the confidence of these whales in the market could also reflect a long-term bullish outlook.
Market Dynamics and Investor Behavior
Additionally, on-chain data provides important clues for understanding investor behavior in the Bitcoin market. The Realized Price indicator, which measures the average cost basis of investors, sheds light on the overall market condition. Currently, the high cost basis of short-term whales indicates new capital inflows into the market. This proves that interest in Bitcoin persists and new players are taking positions despite high prices. On the other hand, the low cost basis of long-term whales shows that they are in profitable positions and contribute to market stability. These dynamics create an important foundation for Bitcoin’s future price movements.
Furthermore, analysts view Bitcoin’s trajectory above $100,000 positively. Investtech notes that the upward trend continues in the short and medium term, though a reaction may occur at the $105,500 resistance level. On-chain data reflects new capital inflows and whales’ confidence in the market.
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