New Bitcoin Whales Are Rewriting Btc’s Market Structure: Data

Bitcoin's onchain data reveals new BTC whales with 50% of the realized capital, highlighting a shift in how capital is shaping the market.

Freshly released Bitcoin (BTC) onchain data pointed to a less classic cycle peak or bottom and more toward a structural transition in how capital is entering the market.

Nearly 50% of Bitcoin’s realized cap is now attributed to “new whales,” highlighting a structural reset of the network’s cost base.

The Short-Term Holder (STH) supply expanded by roughly 100,000 BTC over 30 days, reaching an all-time high that signals intense demand.

Data from CryptoQuant shows that addresses classified as new whales now account for almost 50% of Bitcoin’s realized cap. Realized cap measures the value of BTC at the price each coin last moved, meaning this shift reflects where capital entered the network, not who owns the most coins.

Before 2025, new whales accounted for no more than 22% of Bitcoin’s realized cap. Past bull markets were driven by whales that accumulated at low prices and distributed gradually, whereas now, new whales are deploying large amounts of capital at significantly higher price levels.

Notably, during market pullbacks, the realized cap share held by new whales has continued to rise, signaling a re-anchoring of Bitcoin’s aggregate cost basis rather than speculative churn.

Related: Bitcoin weekly RSI falls to the most oversold levels since $15K BTC price

The short-term holder net position change (30-day) has reached an all-time high of nearly 100,000 BTC. This metric tracks the net change in supply held by coins younger than 155 days and reflects aggressive accumulation by new entrants.

Such expansions occur during high-momentum phases, when demand overwhelms available supply, even if volatility remains elevated.

Source: CoinTelegraph