Bitcoin (BTC) Whales Invest 13x More This Year, Targeting $108B Realized Cap: CryptoQuant

The amount invested by new Bitcoin (BTC) whales is up 13x this year to nearly $108 billion on Oct. 6, according to CryptoQuant data.

The recent on-chain data for Bitcoin (BTC) suggests a striking shift in the network's "whale addresses" (also known as "new whales") who have poured in their money into Bitcoin since the beginning of the year It has increased 13 times to nearly $108 billion as of October 6, according to CryptoQuant

The investments of these new whales account for 48.8% of Bitcoin’s total realized market capitalization, almost reaching the $113 billion paid by “old whales”. Notably, in absolute terms, this is the highest amount these investors have ever spent.

Realized Market Cap is a metric that calculates the value of each Bitcoin Unspent Transaction Output (UTXO), taking into account the price of Bitcoin’s last move. This is often used to measure how much value is stored in Bitcoin.

Additionally, new whales’ relative participation in total realized market capitalization hit a new high as of October 6th. The previous record was set on May 16, 2021, when new whales held 18.2% of the network’s realized market capitalization.

CryptoQuant’s dashboard shows that new whales are Bitcoin addresses that hold more than 1,000 BTC for an average of less than 155 days, excluding centralized exchanges and miner-owned wallets.

CryptoQuant CEO Ki Young Ju calls this movement a “generational shift” and predicts that the new whales’ realized market capitalization will soon exceed that of their older predecessors.

Major progress has been made in on-chain data

In addition to the trend of new whale accumulation and holdings shown by Bitcoin on-chain data, active addresses in the network broke an 11-month downward trend on October 8.

Jamie Coutts, chief crypto analyst at Real Vision, highlighted the movement via .

Kutz noted that while active addresses are a positive fundamental indicator, their predictive power has diminished over the past four years.

Meanwhile, Glassnode showed in a report on October 8 that the holdings of short-term BTC holders are tilting towards profits, with a ratio of 1.2. It added that short-term holder sentiment is critical to understanding recent price movements as they represent new market demand.

On the other hand, open interest in futures contracts points to a surge in speculation. In addition to uncertainty about macro market signals, this also leaves the market vulnerable to volatility, primarily deleveraging pressures and liquidations.

Mentioned in this article

Gino Matos

Gino Matos is a law school graduate with six years of experience in the cryptocurrency industry. His expertise focuses on the Brazilian blockchain ecosystem and decentralized finance (DeFi) development.

Asad Jafri

AJ is a passionate journalist with over a decade of experience honing his skills globally since the 2011 Arab Spring in Yemen. He specializes in financial news and now focuses on cryptocurrency coverage.

Bitcoin latest story

Standard Chartered believes Solana will outperform Bitcoin and Ethereum under the Trump administration

The bank said Solana could achieve exponential growth under the Trump administration due to a favorable regulatory environment.

BitcoinOS and B2 Network to protect $200 million in Bitcoin DeFi assets in 2024

BitcoinOS and B² Network will use zero-knowledge proofs to establish a trustless bridge, enhancing Bitcoin’s scalability and DeFi security.

High Inflation vs. Regional Conflict: Which Will Lead to Higher Bitcoin and Cryptocurrency Adoption?

Severe currency devaluation is pushing people towards cryptocurrencies, but is political unrest the bigger driver?

The founder of Chia hinted at the cooperation between Finney and Sassaman, and Nick Szabo bet on Polymarket to be the protagonist of the HBO Bitcoin documentary

Polymarket bettors now believe Nick Szabo is the pseudonymous founder of the top cryptocurrency.

Latest Press Release

Cross-chain remortgage protocol StakeLayer is about to launch $STAKELAYER token

Unlock new DeFi opportunities for BNB holders

Native USDC is officially launched on Sui

The above is the detailed content of Bitcoin (BTC) Whales Invest 13x More This Year, Targeting $108B Realized Cap: CryptoQuant. For more information, please follow other related articles on the PHP Chinese website!