New Bitcoin Whales Control 45% of BTC Realized Cap — Here’s Why That’s a Problem
New Bitcoin whales now control 45% of the Realized Cap, posing a risk as their average acquisition price is above the current market price.Summary
A significant generational shift is occurring among Bitcoin's largest holders, with new whales—those accumulating over 1000 BTC recently—now controlling 45% of the Whale Realized Cap. This is concerning because the average acquisition cost for this new cohort is $112,788, meaning they are currently underwater as Bitcoin trades below this level, marking their first time in negative unrealized profit since October 2023. Older whale cohorts, who bought at lower prices, remain in profit, creating an uneven risk profile. The concern is that newer, less experienced whales may react emotionally to losses, potentially increasing market volatility and selling pressure if bearish trends continue. Furthermore, the distribution of Bitcoin from old whales to these new holders during weak market periods could accelerate declines, especially as Bitcoin Futures Open Interest has also dropped, suggesting reduced conviction among traders.
(Source：BeInCrypto)