The amount invested by new Bitcoin ($BTC ) whales has surged 13-fold this year, reaching nearly $108 billion as of October 6, according to data from CryptoQuant.
Growth of New Whales and Their Market Share
New whales now account for 48.8% of Bitcoin’s total realized cap, nearly matching the $113 billion invested by older whales. This is the largest volume of investment from new investors, highlighting their increasing influence.
The realized cap is a metric that measures the value of each Bitcoin based on its last transaction, using the price at which it was last moved. This metric helps assess the actual value stored in Bitcoin.
New Whales Hit Historic High
On October 6, the share of new whales in the realized cap reached a new all-time high. The previous record was set on May 16, 2021, when new whales held 18.2% of the network's realized cap.
According to CryptoQuant, new whales are defined as #bitcoin☀️ n addresses holding more than 1,000 #BTC☀ on average for less than 155 days, excluding wallets owned by centralized exchanges and miners.
Ki Young Ju, CEO of CryptoQuant, referred to this trend as a "generational shift" and expects the realized cap of new whales to soon surpass that of older whales.
Key On-Chain Data Developments
In addition to the new whale accumulation trend, active addresses on the Bitcoin network broke an 11-month downtrend on October 8.
Jamie Coutts, the lead crypto analyst at Real Vision, pointed out this movement on X (formerly Twitter), emphasizing that the organic network growth and adoption across all Bitcoin metrics are securing its future as a global monetary network.
Importance of Short-Term Holders and Open Interest
A report from Glassnode on October 8 revealed that short-term BTC holders are awaiting profits, with a ratio of 1.2. The sentiment of short-term holders is crucial for understanding short-term price movements, as they represent new market demand.
Meanwhile, open interest in futures contracts indicates an increase in speculation. Alongside macroeconomic uncertainty, this makes the market vulnerable to volatility, especially due to deleveraging pressures and liquidations.
#BitcoinWhales , #Cryptocurrencies #CryptoWhaleWatch
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