According to an on-chain report from CryptoQuant, short-term 'New Whales' now hold 52.4% of Bitcoin's realized capitalization, surpassing long-term holders for the first time.
Bitcoin is trading near $96,800, partly due to new capital entering the market at high price levels.
New Bitcoin whales collectively hold more assets than long-term holders
Realized capitalization values each Bitcoin at the price it last moved on-chain. CryptoQuant analyst JA Maartunn explains that active addresses over the last 155 days are considered New Whales.
Meanwhile, those who remain inactive no longer qualify as Old Whales.
The average cost of New Whales is $91,922, compared to $31,765 for Old Whales. This change marks a historic shift in capital distribution among major holders. From 2015 to the end of 2019, new Bitcoin whales accounted for less than 5% of the realized capitalization of whales when prices rose from $200 to $10,000.
During the bull market of 2020-early 2021, their share increased to 25% as retail investors and institutions actively invested.
The bear market of 2021-2022 led to a decline in New Whale participation below 10% amid capitulation. Recovery during 2023 and early 2024 raised their share to approximately 20%.
From mid-2024, the price of Bitcoin rose from $30,000 to $100,000. The chart shows that the share of New Whales sharply increased from approximately 20% to 52.4% in tandem with the rally.
At the same time, the realized capitalization belonging to Old Whales now accounts for only 47.6%.
What implications will this have for Bitcoin's price dynamics?
CryptoQuant data indicates that most 'big-money' Bitcoin holders today are those who recently invested at significantly higher prices. Over half of the whale-level capital is in tokens that haven't moved in the last five months.
Overall, this is a key driver of momentum for the Bitcoin market. New whale purchases at $90,000 pushed Bitcoin to $97,000. Their demand has created a significant portion of the recent rally. It is important to note that the average cost of New Whales is around $92,000, so they have only a small unrealized profit. A drop below their cost could trigger a quick sell-off, adding downward pressure.
Meanwhile, long-term whales bought at an average of $31,000. They have no reason to sell now, which limits supply from this side.
In simple terms, Bitcoin's current strength relies on these new, high-value buyers. If they hold, the upward trend may continue. If they start selling near their break-even point, expect sharper fluctuations.#BinanceSquare #Write2Earn #TradeStories #crypto #Binance $BTC