The Bitcoin market has come under the control of new major investors, each holding over 1,000 coins over the past few months. These “new whales” are the most sensitive to fluctuations in the price of the leading cryptocurrency, according to experts from the CryptoQuant platform.
It was these “new whales” who suffered the heaviest losses during the recent market downturns. They were forced to sell on price declines and exploit short-term gains to exit their positions. These investors lack confidence in Bitcoin’s sustainable, long-term growth, analysts stated.
“This situation is key to understanding market behavior. The realized price of new whales is around $98,000. As a result, this cohort of investors currently holds approximately $6 billion in unrealized losses. This directly impacts the price situation,” CryptoQuant believes.
According to the platform’s experts, the market is essentially stuck between the desire to grow and the fear of a further collapse—new major players have experienced the recent price correction too painfully and are now viewing any upward movement as a chance to cut losses. This creates constant selling pressure and prevents Bitcoin from consolidating above $95,000, the experts explained.
A prolonged period of calm growth without sharp price rollbacks could change the situation. If Bitcoin can maintain its position above $100,000 for several months in a row, the behavior of large holders of the leading cryptocurrency will begin to shift from defense to accumulation, CryptoQuant concluded.
CryptoQuant analysts previously reported that open interest in Bitcoin futures has increased by approximately 13% since the beginning of the year, reflecting increased risk appetite among crypto investors.
