Crypto Whales Near Profit Zone as BTC Price Nears $39K

The

FOMO

of the Bitcoin (BTC) bull market has yet to appear, despite the 120% increase in BTC price this year. Data from the Look Into Bitcoin statistics platform reveals that only recently have “younger” Bitcoin started to be included in on-chain transactions.

The crypto whale, near crypto, and crypto.net have all seen an influx of activity, as more and more people look to the crypto press cryptocurrencies network for the latest updates on web 3.0 coins and when web 3.0 is coming. Twitter crypto and sand crypto have also seen an increase in activity, with over 000 pieces appearing first.

Bitcoin bull market analysis: “We’re still early”

Bitcoin is close to 18-month highs and far beyond its bear market trading range and several key resistance levels.

The number of smaller wallets is increasing, yet there has not been a substantial return to the network from speculators — those holding BTC for short periods of time.

On Nov. 16, Look Into Bitcoin creator Philip Swift posted on Twitter about the realized cap HODL waves metric, also known as RHODL waves, as evidence.

RHODL divides the existing HODL waves metric, which segments BTC by age group of the supply and compares it to the price at which it last moved on-chain.

The outcome is a spike in coins, which often move during bull market phases, and the opposite in bear markets, where investors are reluctant to sell or are in the red on their holdings.

“Warmer colour low timeframe waves are only just beginning to rise as coins are transferred on-chain,” Swift commented on the current state of RHODL.

Bitcoin Profitability Nears Potential Breakeven Point

An analysis of Bitcoin’s supply “age bands” conducted by Onchained, a contributor to the CryptoQuant on-chain analytics platform, revealed that holders who increased their BTC exposure prior to the 2021 all-time highs are still in the red.

This was determined using the net unrealized profit/loss (NUPL) indicator, which offers a profitability ratio for stored coins. Soon, however, a key line in the sand for bull market hodlers will be reached.

“Considering NUPL across different age bands provides insights into profitability dynamics. Notably, the depicted graph reveals all UTXO age bands currently in a profitable state, except for holders with bitcoins held for 18 months to 3 years,” Onchained wrote in one of CryptoQuant’s Quicktake market updates on Nov. 16.

According to CryptoQuant data, the overall proportion of unspent transaction outputs (UTXOs) currently at a loss is just 11.6%. Additionally, Cointelegraph reported that whale entities have been increasing their BTC selling at current crypto prices.