Analysis: New whales are accumulating Bitcoin at $60,000 price point

On May 17, according to CryptoQuant data, new whales (defined as addresses holding more than 1,000 BTC and holding the token for less than 6 months) have been strategically accumulating Bitcoin at a price of approximately $60,000. Support at $60,000 has been strengthened by heavy accumulation of new whales on the back of institutional investment and Bitcoin spot ETF approval. At the same time, the stability demonstrated by long-term whales provides a base layer for confidence and strategic holding patterns. In summary, the $60,000 price point has emerged as a critical on-chain support level based on new whale accumulation and stability for long-term holders.