đ Massive Surge in Bitcoin Whale Investment
According to CryptoQuant data, the amount invested by new Bitcoin (BTC) whales surged 13x this year, reaching an astonishing $108 billion on Oct. 6.
These new whales now control 48.8% of Bitcoin's total realized cap, nearing the $113 billion invested by âold whalesââmarking the highest absolute amount spent by these investors ever!
đĄ What is Realized Cap?
Realized cap measures the value of each Bitcoin's unspent transaction output (UTXO) based on its last movement. It's a critical indicator of how much value is stored within Bitcoin.
The latest data shows new whales' share of the realized cap hitting a historic high, surpassing the previous peak from May 16, 2021.
đ Who Are These New Bitcoin Whales?
New Bitcoin whales are defined as addresses holding over 1,000 BTC for less than 155 days, excluding wallets owned by centralized exchanges and miners.
CryptoQuant CEO Ki Young Ju calls this trend a âgenerational shiftâ, predicting that new whales' realized cap will soon exceed that of older investors!
đ Significant On-Chain Data Developments
Bitcoin's on-chain activity shows a remarkable shift, breaking an 11-month downtrend in active addresses on Oct. 8, signaling renewed network growth.
Jamie Coutts, chief crypto analyst at Real Vision, points out that organic adoption and network growth reinforce Bitcoin's role as a global monetary network, despite the reduced predictive power of active addresses.
đ Market Volatility Ahead?
According to Glassnode, the supply held by BTC short-term holders is trending towards profit, suggesting potential short-term price action.
However, spiking open interest in futures contracts hints at increased speculation, making the market vulnerable to volatility due to deleveraging and liquidations.
đ Key Takeaways
New Bitcoin whales are driving a massive market shift, signaling long-term confidence in BTC.
Active address growth indicates renewed investor interest and potential market recovery.
Stay alert to macro market trends and potential volatility driven by futures speculation.
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