Data suggests that new Bitcoin "whales" are rewriting the market structure.

The latest on-chain data suggests that Bitcoin is moving away from its traditional peak-and-trough cycle, entering a restructuring phase in terms of capital flows and price levels. Instead of being driven by long-term holders buying low and selling high, the market is now being shaped by a wave of new capital entering at significantly higher price levels.

According to CryptoQuant, "new whales" now account for nearly 50% of Bitcoin's actual market capitalization — a level not seen before 2025, when this percentage rarely exceeded 22%. Actual market capitalization reflects the value of BTC at the time it was last moved, showing exactly where the money is actually flowing into the network. The fact that this new whale group is increasing its stake even during corrections suggests that Bitcoin's cost basis is being re-established in a sustainable direction, rather than short-term speculative rotation.

In the short term, the net position change index of holders under 155 days old has surged to nearly 100,000 BTC — a 30-day record high. This reflects strong buying demand around the $85,000 mark, despite significant price volatility. Meanwhile, Binance inflow data confirms that long-term holders are selling very little; the supply pressure is primarily coming from short-term traders.

Notably, large-scale whale wallets recorded strong positive delta CVD, absorbing much of the selling pressure from retail investors. This suggests that smart money is taking advantage of corrections to accumulate, reinforcing the argument that Bitcoin is entering a new market structure where price is anchored by institutional capital and whales, rather than traditional speculative cycles.

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