The Bitcoin market is witnessing a significant shift in whale activity, with new players rising rapidly. CryptoQuant CEO Ki Young Ju says the Realized Cap of new Bitcoin whales spiked in 2023. This metric measures how much overall cost each coin has.
Each Bitcoin is valued at the price they last traded in the further simplified Realized Cap model. It demonstrates how capital allocation changes across new and old cohorts of whales. Regardless, whales sporting over 1,000 BTC are being split into short and long-term cohorts by the age of that holding.
New Bitcoin Whales’ Realized Cap Approaches Parity
The Realized Cap of new Bitcoin whales has grown exponentially in recent years. But older whales, holding the crypto for longer than 155 days, used to dominate this metric. That said, the newly made whales’ Realized Cap is closing in on $113 billion parity with the old whales’ $113 billion, hitting $108 billion.
After 2018, this growing share of new whales started to rise
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