New Bitcoin Whales Outpace Old Guard in $6B Supply Tug-of-War
Institutional investors are rapidly reshaping Bitcoin’s large holder landscape, with new corporate “whales” like MicroStrategy and Twenty One Capital accumulating massive positions. Twenty One Capital holds over 43,000 BTC, while U.S. spot Bitcoin ETFs control over $116 billion in BTC—about 6.5% of Bitcoin’s market cap. New “whale” investors, owning more than 1,000 BTC for less than 155 days, now collectively hold $130 billion in Bitcoin, surpassing long-term holders at $126 billion. These new entrants typically have a cost basis near $98,000 per Bitcoin, resulting in around $6 billion in unrealized losses as Bitcoin trades near $90,000. Some, like MicroStrategy, view price dips as buying opportunities, but others may be pressured to sell, increasing market volatility. Market dynamics now feature a battle between weak and strong new whales, with liquidity shifting into more strategic, long-term holders who are less reactive to price swings. Their presence introduces stronger psychological anchors and price resilience, but ongoing supply absorption maintains a choppy, range-bound market. Recent geopolitical news, including Trump’s announced tariff pause, briefly boosted Bitcoin’s price by nearly 3%.
