Crypto Whales on a Buying Spree
New Bitcoin whales are accumulating BTC at a remarkable pace, nearly doubling the holdings of long-term whales, according to Ki Young Ju, CEO of CryptoQuant.
Defining Whales
Ju defines new whales as addresses holding at least 1,000 Bitcoin with an average coin age of less than 155 days, while old whales hold similar amounts with an average coin age of 155 days or more.
Shifting Ownership Landscape
Ju notes a recent surge in Bitcoin’s average dormancy, indicating a transfer of old Bitcoins to new holders. This suggests a potential shift in Bitcoin’s ownership structure.
Unrealized Profits
Ju also analyzed unrealized Bitcoin profits in the current market cycle. He observed that old whales have accumulated significant profits (+223%), while new whales (including TradFi and ETF investors) have only gained a modest +1.6%.
Market Update
As of writing, Bitcoin is trading at $64,222, down over 3% in the past 24 hours but up 5% in the past week.
