• Bitcoin holds above $57K support even as new whales remain 14% below their average purchase price.

• Negative exchange netflows and low MVRV suggest Bitcoin still has room to extend its recovery.

• Analysts say stronger institutional demand could drive Bitcoin’s next major bull market.

Bitcoin held above a key on-chain support level even as some of its newest large investors remained under water. CryptoQuant data showed recently acquired whale wallets were still sitting on paper losses after buying near recent highs, while Bitcoin continued trading above the $57,000 realized price for Binance users, a level analysts view as important market support.

CryptoQuant analyst Amr Taha said newer whale wallets, defined as those holding Bitcoin for less than 155 days, had an average cost basis of $69,900 as of June 30. With Bitcoin trading around $60,100, the group was sitting …

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