New Bitcoin Whales Are Reshaping the Market

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Bitcoin realized cap held by New Whales. Source: CryptoQuant

Fresh onchain data suggests Bitcoin may be entering a structural transition rather than a classic cycle top or bottom. Nearly 50% of BTC’s realized cap is now held by so-called “new whales,” according to CryptoQuant.

This marks a major shift from previous cycles, where long-term whales dominated accumulation at lower prices. The data shows large investors are now entering at higher levels and anchoring Bitcoin’s cost base, signaling a reset in how capital flows into the network.