BTC Market Evolves As 'New Whales' Take 50% Dominance
Recent Bitcoin on-chain data indicates a structural shift in capital inflows, rather than a traditional bull or bear cycle peak. New whale addresses now account for nearly 50% of Bitcoin’s realized cap, compared to a previous high of 22% before 2025. These new whales are deploying significant capital at higher prices, and their share of realized cap continues to rise during market pullbacks, signaling a shift in Bitcoin’s cost basis. Short-term holder accumulation is also at record levels, with net position change near 100,000 BTC, suggesting aggressive buying by new entrants during recent dips near $85,000. Long-term holders remain largely inactive, with most selling coming from short-term holders reacting to volatility. Approximately 37% of BTC sent to Binance in recent moves originated from whale-sized wallets, and volume data shows that large players absorbed much of the selling pressure while smaller traders reduced their exposure. This reflects increased market influence by new large investors and a re-anchoring of overall Bitcoin price levels.
