Explore the latest developments concerning New Bitcoin Whales.
New Bitcoin Whales Are ‘Underwater’: Analyst Expects High Volatility
The market-wide uncertainty and bearish selloff with high liquidations doesn’t seem to be over yet. And now, new Bitcoin whales will likely take the volatility a step further.
CryptoQuant CEO Ki Young Ju shared the unrealized profit ratio chart for new Bitcoin whales, which just turned into the loss zone, in an X post on Tuesday, Oct. 14.
According to the data, new Bitcoin whales have started to see unrealized losses as the asset plunged from its all-time high of $126,198. “Volatility is coming,” Young Ju wrote.
The CryptoQuant CEO claimed that the indicator can’t predict the next market movement. In June and July 2021, the red unrealized profit ratio for new Bitcoin whales triggered stronger accumulation, which pushed BTC price above an ATH of $68,000.
Bitcoin Retests STH Cost Basis Again: Is This Where Support Flips?
Bitcoin has faced another retrace in the past day that has brought its price to the short-term holder cost basis, a level that has acted as support thus far.
Bitcoin Is Making Yet Another Retest Of The STH Realized Price
As explained by CryptoQuant community analyst Maartunn in a new post on X, Bitcoin could be at the fourth step of the short-term holder (STH) Realized Price cycle.
The “Realized Price” here refers to an indicator that measures the average cost basis of the investors on the BTC network. When the value of this metric is greater than the spot price, it means the overall market is carrying a net unrealized loss. On the other hand, it being below BTC’s value suggests the average holder is in the green.
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The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.
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