According to CryptoQuant, the amount of investment by new BTC whales has increased 13 times this year, reaching nearly $108 billion on October 6.
Currently, investments by new whales account for 48.8% of BTC's total realized cap, almost reaching the $113 billion paid by old whales.
It is worth noting that in absolute terms, this is the highest amount these investors have spent.
The "realized cap" is a metric that calculates the value of unspent transaction outputs (UTXO) per BTC, taking into account the price at which it last moved.
This is often used to measure how much value is stored in BTC.
In addition, the relative participation of new whales in the total realized cap registered on October 6 hit a new all-time high.
The previous record was on May 16, 2021, when new whales held 18.2% of the network's realized cap.
CryptoQuant's dashboard shows that new "whales" are BTC addresses that hold more than 1,000 BTC for less than 155 days on average, excluding wallets owned by centralized exchanges and miners.
CryptoQuant CEO Ki Young Ju called this movement a "generational transfer" and expects that the realized cap of new whales will soon exceed that of old whales.
In addition to the new "whale" accumulation and holding trends shown by BTC on-chain data, active addresses in the network also broke an 11-month downward trend on October 8.
Real Vision Chief Crypto Asset Analyst Jamie Coutts highlighted the trend with X, noting that BTC’s organic network growth and adoption across all metrics help support its future as a global monetary network.
While this is a positive fundamental indicator, Coutts noted that the predictive power of active addresses has weakened over the past four years.
Meanwhile, a report from Glassnode on October 8 showed that the supply held by short-term BTC holders waiting to take profits was at a ratio of 1.2.
The report also added that short-term holders’ sentiment is key to understanding recent price action as they represent new market demand.
On the other hand, open interest in futures contracts indicates that speculative activity is surging. This makes the market vulnerable to volatility, mainly deleveraging pressure and liquidations, in addition to uncertainty in macro market signals.
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