On-chain data indicates that new Bitcoin whales, defined as those holding at least 1,000 BTC acquired in the last 155 days, have been selling at a loss amid recent price declines. Analyst Maartunn highlighted that these newer investors are realizing losses, while long-term holders, or old whales, have shown minimal selling activity. This trend suggests a capitulation among less experienced investors, whereas seasoned holders remain steadfast. Meanwhile, Bitcoin's price has rebounded to over $92,300, approaching a significant resistance level at $112,300.