Bitcoin is trading around $86,200, well above the cost bases of whales and sharks at $62,100 and $67,500 respectively. Whales have shifted behavior since late August, moving from a three-month period of deposits on exchanges to withdrawals, which limits potential selling pressure. NUPL has risen from +0.09 to +0.38, a 300% increase over three months, indicating the market structure is healthier than in 2022. However, the return to profitability could incentivize large holders to realize gains, and a resumption of deposits on exchanges could trigger selling resistance.
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