Ki Young Ju, CEO of CryptoQuant, a prominent on-chain analytics company, says that bitcoin’s whale ownership is witnessing a major change. In a recent post to X, Ju also brought attention to a significant change in the ‘Realized Cap’ of old and new Bitcoin whales.
Bitcoin’s “Realized Cap” model values Bitcoin by using the price at which each coin was last transferred or sold, the collective cost basis of all the Bitcoin currently in existence. It shows about the amount of capital poured into BTC by investors.
Bitcoin Whale Ownership Shift
Ju’s analysis focuses on two key whale groups: new and old. Whales are considered to be cryptocurrencies having more than a thousand BTC . New are whales who purchased a position in the course of the final 5 months, and old are whales who’ve owned a position for longer than 5 months.
Previous to 2018, old whales held leverage over the network via their Realized Cap, with new whales only present on the network in minimal amounts. Since then, however, new whales have steadily increased their share of the pie. Realized Cap for new whales currently sits at $108 billion, not so far underneath the $108 billion held in older whales.
This trend, according to Ju, is a ‘generational shift’ among BTC whales and ‘new whales will surpass old ones in market share’.
That is, new whales may have taken advantage of inflows from spot exchange traded funds (ETFs).
A near 2% drop in the past week, BTC is currently sending at around $62,200.
