Bitcoin Reaches All-Time High Amidst Varied Reactions from Whales
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Recently, Bitcoin (BTC) achieved a new all-time high (ATH) of $111,880 on the Binance exchange after experiencing several months of decline in the first quarter. The top cryptocurrency has surged over 45% from its low of around $76,000 on April 6, with recent activities from larger investors indicating they foresee more price increases.
Mixed Reactions From Large Investors to Bitcoin’s ATH
A recent report mentioned that new large investors—those holding significant BTC amounts for under 30 days—have been cashing out during this price surge, adding to the selling pressure.
Conversely, older investors—those who have held significant Bitcoin for more than six months—have shown very little selling activity. This reflects their long-term confidence in Bitcoin and a belief in its continued appreciation.
Additionally, large investors who were active between 7 and 30 days ago have been engaging in moderate profit-taking, indicating a careful approach to the ongoing price increase. The lower activity from long-term holders suggests a supportive sign for the market, but some metrics hint at wariness about the sustainability of the rally.
For instance, the Net Realized Profit/Loss (NRPL) during this price spike is significantly lower compared to prior peaks in 2024-2025, suggesting reduced momentum for profit-taking among investors.
For readers unfamiliar with the term, NRPL gauges the net profit or loss investors realize when selling Bitcoin, calculated by the difference between purchase and sale prices. A higher NRPL indicates robust profit-taking, while a lower or negative NRPL suggests diminishing enthusiasm or investor capitulation.
Future Market Direction
A low NRPL could suggest a lack of rampant enthusiasm in the market—potentially a healthy signal—yet it also raises questions about the rally’s strength and endurance. Such dynamics might impact BTC’s price behavior over varying time periods.
In the short term, continued profit-taking by newer large investors may trigger a price correction, benefiting an overheated market. A price drop might bring BTC back into the $100,000-$105,000 support range.
On the other hand, in the mid-term, the ongoing inactivity of older investors combined with low NRPL levels might create an environment conducive to price increases following a consolidation phase. Investors could see price pullbacks as chances to accumulate more BTC.
In summary, while a short-term price correction appears feasible, the overall outlook for Bitcoin in the mid-term seems largely positive—assuming older investors maintain their holdings and NRPL stays low.
Recent analyses have shown that many new Bitcoin investors are enjoying significant unrealized gains and are not exhibiting any signs of panic despite Bitcoin nearing ATH values. At the current moment, BTC is trading at $111,500, reflecting a 4.2% increase within the last 24 hours.
Featured image from Unsplash, charts from CryptoQuant and TradingView.com
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