Whales Underwater as Bitcoin Holds Key Support Level

Bitcoin has held above $57K despite new whales facing a 14% loss on their average purchase price, according to recent data from CryptoQuant.

CryptoQuant analyst Amr Taha said that newer whale wallets, which have been holding Bitcoin for less than 155 days, had an average cost basis of $69,900 as of June 30. With the current price around $60,100, these investors are sitting on an unrealized loss of about 14%.

Taha noted that other major holder groups remain in a stronger position. Miner whales have a realized price of $53,373, while long-term holder whales sit at $47,688. Binance users have a realized price of about $57,070, and Bitcoin continuing to trade above that level suggests the broader market remains on relatively solid footing.

CryptoQuant analyst CoinNiel said on-chain data suggests selling pressure is beginning to ease. Exchange netflows turned negative by 907 BTC after recording an inflow of 2,724 BTC earlier, indicating that more coins are leaving exchanges than being deposited for potential sale.