The absolute difference between the realized $BTC price for new whales ($91900) and old whales ($32200) is $59700 (relative spread = 185%)

Simply put, the new "whales" enter the game at prices on average 185% higher than the old cohort

CryptoQuant sees this spread increase as a sign of confidence and growing FOMO sentiment

By comparison, in November 2022, the spread was 62%