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New Bitcoin investors acquire over $100 billion, indicating a shift in the market dynamics.
The investment by new Bitcoin (BTC) whales has surged 13 times this year, reaching nearly $108 billion as of Oct. 6, based on data from CryptoQuant.
The contributions from these new whales account for 48.8% of Bitcoin’s total realized capitalization, nearly matching the $113 billion invested by “old whales.” This figure represents the highest expenditure by these investors in absolute terms.
Realized cap is a metric that assesses the value of each Bitcoin’s unspent transaction output (UTXO) based on its price at the last movement. This metric is frequently utilized to evaluate the value stored within Bitcoin.
Furthermore, the proportion of new whales in the total realized cap recorded on Oct. 6 reached a new all-time high. The previous peak was noted on May 16, 2021, when new whales possessed 18.2% of the network’s realized cap.
According to CryptoQuant’s dashboard, new whales are defined as Bitcoin addresses holding over 1,000 BTC for an average of less than 155 days, excluding wallets belonging to centralized exchanges and miners.
CryptoQuant CEO Ki Young Ju referred to this trend as a “generational shift” and anticipates that the realized cap of new whales will soon exceed that of their older counterparts.
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Notable on-chain data developments
Alongside the accumulation and holding trend of new whales, Bitcoin’s on-chain data indicates that active addresses in the network broke an 11-month downtrend on Oct. 8.
Jamie Coutts, chief crypto analyst at Real Vision, emphasized this movement via X, noting that organic growth and adoption across all Bitcoin metrics support its future as a global monetary network.
Although this is a favorable fundamental metric, Coutts pointed out that the predictive capability of active addresses has weakened over the past four years.
Additionally, a report from Glassnode on Oct. 8 revealed that the supply held by BTC short-term holders is trending towards profit, with a ratio of 1.2. It noted that the sentiment of short-term holders is crucial for understanding near-term price movements, as they signify new market demand.
Conversely, open interest in futures contracts indicates rising speculation. Coupled with uncertainty from macro market signals, this situation renders the market susceptible to volatility, primarily due to deleveraging pressures and liquidations.
The post Fresh Bitcoin whales invest over $100 billion, signaling market transformation appeared first on CryptoSlate.
