The Bitcoin market structure is transforming as larger players enter the scene. Onchain data shows that approximately 50% of Bitcoin’s realized capital now comes from new whale buyers who have joined the cryptocurrency bandwagon in recent months.

Bitcoin has entered a critical phase that is helping to stabilize its price at current levels. Onchain data from CryptoQuant, a blockchain analytics firm, shows that new whales in the BTC market structure now account for nearly 50% of the crypto asset’s realized cap. Realized cap measures the value of BTC at the price each coin last moved. 

The data signifies a surge in new institutional-grade investors and high-net-worth buyer activity. The trend contrasts with the foundation of BTC’s structure in previous cycles, which was heavily dependent on early whales who invested in the digital asset at significantly lower prices in the past. New whales accounted for only 22% of Bitcoin’s realized cap before this year.

Bitcoin demand among new large investors increases at significantly higher prices

These new sets of investors absorb supply at significantly higher prices without waiting for deep corrections, thereby strengthening support zones and reducing the risk of panic selling. The behaviour of the new whales also strengthens belief in the asset’s long-term valuation and reduces heavy downside volatility. The new investors’ demand at higher prices also creates stronger price floors, suggesting renewed confidence in a future rally.

The data also shows that the realized cap share by new whales has continued to rise during market corrections. According to analysts, the new set of whales may be executing strategic investments in BTC that position them for long-term holding rather than speculative urgency. Large investors are rarely swayed by short-term sentiment or price fluctuations and tend to focus on an investment’s long-term potential.

The new whales are organizations and corporations that recently shifted their investment strategies to include BTC holdings in their treasuries. Institutions, funds, and high-net-worth individuals have increasingly shown interest in the crypto asset and the broader cryptocurrency industry, according to a report by Cryptopolitan dated October 8. 

Bitcoin’s institutional demand surges with ETFs and BTC Treasury Companies

The current wave of new whale influx in the ecosystem is primarily attributed to institutional demand for crypto in recent years. Trump’s pro-crypto administration is pushing for the mainstream adoption of cryptocurrencies by formulating conducive regulatory oversight and clear governing rules for crypto assets. 

According to data from Coingecko, a cryptocurrency data platform, 151 companies have now adopted Bitcoin as a strategic reserve asset. These companies cumulatively hold more than 1 million BTC, representing approximately 5.14% of the asset’s total supply. 

Michael Saylor’s Strategy, a U.S.-based software company, claims the top spot with 671,268 Bitcoin in its books valued at $59.2 billion at current prices. Strategy’s holdings exceed those of all other companies combined. Data from Strategy’s official website reveals that the software company has acquired 21,399 Bitcoin in the last 30 days, with its most recent purchase being 10,645 Bitcoin acquired on December 15 for $980 million. 

MARA Holdings, a U.S.-based digital asset technology company, follows a Strategy far behind with 52,850 Bitcoin in its books valued at approximately $4.7 billion. Twenty One (XXI.US) ranks third, behind MARA Holdings, with 43,514 Bitcoin, while Metaplanet follows with 30,823 BTC, valued at $2.72 billion. Out of Coingecko’s list of top twenty companies with the highest BTC holdings, only Strategy has acquired more BTC in the last 30 days.

U.S. spot ETFs have also gained popularity this year. Data from the ETF tracking website Sosovalue shows that U.S. spot Bitcoin ETFs have recorded inflows exceeding $22 billion since the start of the year. July had the most significant inflows, worth $6.02 billion, cementing a four-month streak of positive flows that had seen the ETFs attract close to $20 billion since April. 

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