CryptoQuant: new whales have taken control of bitcoin

• Whales control most of Bitcoin’s realized capitalization, CryptoQuant said.
• This cohort is holding more than $6 billion in unrealized losses.
• The behavior of new whales is shaping market dynamics, experts believe.

New whales control most of Bitcoin’s realized capitalization (Realized Cap). CryptoQuant experts said so. They clarified that this refers to addresses holding more than 1,000 BTC, acquired less than 155 days ago.

According to the analysts, Realized Cap reflects the value of coins based on the price at their last onchain movement. The dominance of new whales indicates that a significant share of Bitcoin’s supply has recently changed hands at higher prices, the report said.

The analysts noted that during recent drawdowns, whales were the ones locking in the biggest losses: they sold into dips and used short-term bounces to exit positions. According to the experts, this points to a lack of long-term conviction and an effort to minimize losses.

Unlike newcomers, long-term Bitcoin holders are sitting on substantial profits — their average realized price is around $40,000. They sometimes take profits or realize losses, but overall their activity does not define current market dynamics, the statement said.

CryptoQuant stressed that the market’s current direction is being set by new whales. They hold the largest realized cap, have the highest turnover, and react most strongly — emotionally and financially — to price swings. Until their losses are offset through capitulation or a recovery, bitcoin will remain in a state dominated by distribution rather than accumulation, the analysts believe.

However, according to Santiment, despite Bitcoin’s drop to $89,000, large players continue to accumulate the leading cryptocurrency.

In particular, wallets holding between 10 BTC and 10,000 BTC increased their holdings by 36,322 BTC over nine days, while small holders with less than 0.01 BTC, on the contrary, were selling slightly.

Experts noted that the optimal conditions for a breakout in the crypto market are when “smart money” is accumulating and retail investors are selling. Despite geopolitical issues, this pattern continues to create a long-term bullish divergence, Santiment concluded.

As a reminder, earlier CryptoQuant CEO Ki Young Ju said there was strong institutional demand for bitcoin.