A fresh cohort of Bitcoin whales—wallet clusters holding ≥ 1 000 BTC with an average coin age under six months—has been stacking at a record pace.
🔎 Indicator in focus: Supply Held by New-Whales
This filter isolates new balance-sheet decisions by ignoring long-dormant cold wallets.
Key findings (1 Mar → 4 Jun 2025):
• Holdings doubled: from ~500 k BTC to ~1.1 M BTC (+600 k BTC / US $63 B).
• Supply share jumped: 2.5 % → 5.6 % of total BTC circulating supply (+3.1 pp), the equivalent of ten months of mining output removed from circulation.
Why it matters?
1️⃣ Fresh conviction: Young coin age shows these positions were built recently—this is new money, not shuffled legacy coins.
2️⃣ Supply squeeze: Rapid absorption of newly minted BTC tightens float and historically precedes periods of heightened upside volatility.
3️⃣ Sentiment signal: Aggressive, well-capitalised buyers are positioning ahead of the next macro catalyst (rate-cut cycle, ETF inflows, etc.).
What to monitor next 👀
🏦 Exchange inflows/outflows from this cohort for the first hint of profit-taking.
📊 ETF creation basket activity to confirm institutional demand.
🔄 Derivatives funding vs whale flows for early divergence signals.
The tape doesn’t lie: when young whales load up, market structure can change fast. Stay laser-focused.
Written by onchained
