Nearly half of $BTC’s realized cap is now held by new whales (STH) — a major structural change.
Legacy whales (LTH) are slowly reducing dominance.
New whales have surged since 2024, aggressively accumulating at higher price levels.
📊 What this signals: Fresh capital is absorbing supply, building a stronger cost basis for Bitcoin. This isn’t weak-handed FOMO — it’s conviction buying.
🔁 Distribution from old wallets → accumulation by new whales
⚡ A classic on-chain pattern seen at the early stages of a new market cycle.
BTC
88,217.63
+0.30%