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Bitcoin (BTC) reached an all-time record high yesterday of $111880 at Binance after months of decline in the first three quarters of 2018. Leading cryptocurrency, Bitcoin (BTC), has rebounded The stock has risen by over 45% in the last six months from a low price of $76,000. And recent whale behaviour suggests further gains for long-term owners.
Whales’ Reaction to Bitcoin ATH is Mixed
According to a recent CryptoQuant Quicktake post by contributor Crazzyblockk, new whales – wallets that have held substantial BTC amounts for less than 30 days – have been aggressively taking profits during the current price rally, contributing to increased selling pressure.
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In contrast, old whales – wallets holding significant BTC for over six months – have shown minimal selling activity. It shows that Bitcoin is a long-term investment and there are expectations for continued appreciation.
While whales who were inactive between seven and thirty days prior have been taking a moderate amount of profit, this suggests a conservative participation in the current rally. The restrained behavior of old whales may be a good sign, but some indicators indicate caution about the sustainability of the rally.
As an example, Net Realized Gain/Loss during current price increases is lower than previous market tops in 2024-2025. It indicates a weaker general profit-taking trend among investors.
The NRPL is a measure of the investor’s net gain or loss when selling their Bitcoin. It takes into account the difference in price between the purchase and the sale. High NRPLs indicate a strong desire to profit, while a negative NRPL or low NRPLs suggest a reduced interest or capitulation.
Are we heading for a further rise in the stock market?
Although a low NRPL may imply that the market is not yet euphoric – a potentially healthy sign – it also raises concerns about the strength and sustainability of the ongoing rally. This could have an impact on BTC’s price over a range of timeframes.
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Short-term, the continued profits-taking of new whales could trigger a correction in price to counteract overheated conditions. BTC could be sent back into the support range of $100,000 to $105,000 if it drops in price.
On the other hand, a mid-term bullish move could be supported by the inactivity of older whales and low NRPL values. Investors might view pullbacks to be opportunities for accumulating more BTC.
To conclude, while a short-term price correction remains possible, the mid-term outlook for Bitcoin is largely optimistic – assuming old whales maintain their positions and NRPL remains low.
The results are in accordance with the recent analysis of on-chain data showing Bitcoin is trading near its all-time highs, but many BTC newcomers are holding solid gains that have not been realized. They are also showing no signs of panic. BTC is currently trading at $111 500, an increase of 4.2% over the last 24 hours.
Charts from TradingView.com and CryptoQuant.com.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
