[Bitcoin (BTC) ownership model undergoes major shift, new whales continue to accumulate]
As Bitcoin (BTC) prices stabilize at $66,500, on-chain dynamics show Bitcoin owners are actively trading. Ki Young Ju, CEO of CryptoQuant, noted that Bitcoin’s average period of inactivity has reached a 13-year high, suggesting that long-term Bitcoin holders are being transferred to newcomers, which may reshape the Bitcoin ownership structure.
Since the launch of Bitcoin spot ETFs, these products have purchased large amounts of Bitcoin in response to customer demand, resulting in significant market capital inflows. Additionally, whales holding between 1,000 and 10,000 Bitcoins have accumulated an additional 266,000 Bitcoins since the beginning of the year, accounting for approximately 1.24% of the total supply, according to Santiment data.
Market analyst Ali Martinez observed that despite active whale accumulation, Bitcoin’s short-term outlook remains unclear. Martinez noted that the TD Sequential indicator has issued a sell signal on the 12-hour chart, prompting investors to proceed with caution, especially if Bitcoin prices fall below key support at $65,500.
Bitcoin analyst Willy Woo believes that although Bitcoin’s currency inflation rate is lower than gold, Bitcoin’s market value may surpass gold in the long term, but this will take time. He pointed out: “From my perspective, Bitcoin will follow the expected development of its stock-to-flow ratio model in 5 to 10 years, but the global response to this will take time because of the custody infrastructure, regulations, trading tools and asset managers. Acceptance will not be immediate."
