{"id":604864,"date":"2024-04-24T17:00:36","date_gmt":"2024-04-24T17:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=604864"},"modified":"2024-06-11T07:05:26","modified_gmt":"2024-06-11T07:05:26","slug":"newbie-bitcoin-whales-hold-2x-veterans-trend","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/newbie-bitcoin-whales-hold-2x-veterans-trend\/","title":{"rendered":"Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend?"},"content":{"rendered":"

On-chain data shows the new whale entrants in the Bitcoin market now hold almost twice as much as the veterans. Here’s what could be behind this shift.<\/p>\n

Bitcoin Newbie Whale Holdings Have Been Rapidly Growing Recently<\/h2>\n

In a new post<\/a> on X, CryptoQuant founder and CEO Ki Young Ju has discussed about how the holdings of the new whales compares against the old ones in the market right now.<\/p>\n

Related Reading: Is The Bitcoin Top Already Here? This Historical Pattern Says So<\/a><\/div>\n

The on-chain indicator of interest here is the “Realized Cap<\/a>,” which, in short, keeps track of the total amount of capital that the investors have used to purchase their Bitcoin.<\/p>\n

This capitalization model is in contrast to the usual market cap, which simply measures the total value that the holders as a whole are carrying based on the current spot price.<\/p>\n

In the context of the current topic, the Realized Cap of the entire market isn’t of interest, but rather specifically that of two segments: the short-term holder whales and long-term holder whales.<\/p>\n

Whales are defined as entities on the network who are holding at least 1,000 BTC in their balance. At the current exchange rate, this amount is worth $66.6 million, so the whales are clearly quite massive holders. Because of these large holdings, these investors can hold some influence in the market.<\/p>\n

Based on holding time, the whales can be subdivided into two categories. The short-term holder (STH)<\/a> whales are those who acquired their coins within the past 155 days, while the long-term holder (LTH)<\/a> whales have been holding since longer than this timespan.<\/p>\n

Now, here is the chart shared by Ju that reveals the Realized Cap breakdown between these two Bitcoin whale cohorts:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the metric has shot up for the STH whales recently | Source: @ki_young_ju on X<\/a><\/pre>\n
As is visible in the above graph, the Realized Cap of the STH whales has historically not been too different from that of the LTH whales, but that appears to have changed recently.<\/p>\n
The metric has pulled away for these new whales this year with some very sharp growth, as its value has now reached the $110.6 billion mark. This means that the STH whales have collectively bought their coins at an initial investment of a whopping $110.6 billion.<\/p>\n
The Realized Cap of the LTH whales, on the other hand, has continued its usual trajectory, floating around $66.9 billion currently. This means that there is now a massive gap between the indicator for these two cohorts.<\/p>\n
But what’s the reason behind the sudden emergence of this brand-new trend? As mentioned before, the STH cutoff stands at 155 days, which means that the Realized Cap of the STH whales would signify the total value of the purchases made by the whales over the last five months.<\/p>\n
In the past five months, there has been one event in particular that has stood out, which has also never been present in any of the prior cycles: the approval of the spot exchange-traded funds (ETFs)<\/a>.<\/p>\n
The spot ETFs provide an alternative mode of investment into the asset through a means that’s familiar to traditional investors. These funds have been bringing in some unprecedented demand into BTC and as their holdings also fall under the 155 days mark, they would count as STH whales.<\/p>\n
Related Reading: Ethereum To See Fresh Move Soon? What Futures Data Says<\/a><\/div>\n
Bitcoin has also been rallying this year, so all this new investment would have had to purchase at relatively high prices, thus causing the Realized Cap, which correlates to direct capital flows, to inflate even further.<\/p>\n
BTC Price<\/h2>\n
Bitcoin is now trading at $66,400 after witnessing a surge of more than 6% over the past week.<\/p>\n
\"Bitcoin<\/p>\n
The price of the asset seems to have been overall consolidating sideways recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Todd Cravens on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the new whale entrants in the Bitcoin market now hold almost twice as much as the veterans. Here’s what could be behind this shift. Bitcoin Newbie Whale Holdings Have Been Rapidly Growing Recently In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed about how the holdings of the new whales compares against the old ones in the market right now. Related Reading: Is The Bitcoin Top Already Here? This Historical Pattern Says So The on-chain indicator of interest here is the “Realized Cap,” which, in short, keeps track of the total amount of capital that the investors have used to purchase their Bitcoin. This capitalization model is in contrast to the usual market cap, which simply measures the total value that the holders as a whole are carrying based on the current spot price. In the context of the current topic, the Realized Cap of the entire market isn’t of interest, but rather specifically that of two segments: the short-term holder whales and long-term holder whales. Whales are defined as entities on the network who are holding at least 1,000 BTC in their balance. At the current exchange rate, this amount is worth $66.6 million, so the whales are clearly quite massive holders. Because of these large holdings, these investors can hold some influence in the market. Based on holding time, the whales can be subdivided into two categories. The short-term holder (STH) whales are those who acquired their coins within the past 155 days, while the long-term holder (LTH) whales have been holding since longer than this timespan. Now, here is the chart shared by Ju that reveals the Realized Cap breakdown between these two Bitcoin whale cohorts: Looks like the metric has shot up for the STH whales recently | Source: @ki_young_ju on X As is visible in the above graph, the Realized Cap of the STH whales has historically not been too different from that of the LTH whales, but that appears to have changed recently. The metric has pulled away for these new whales this year with some very sharp growth, as its value has now reached the $110.6 billion mark. This means that the STH whales have collectively bought their coins at an initial investment of a whopping $110.6 billion. The Realized Cap of the LTH whales, on the other hand, has continued its usual trajectory, floating around $66.9 billion currently. This means that there is now a massive gap between the indicator for these two cohorts. But what’s the reason behind the sudden emergence of this brand-new trend? As mentioned before, the STH cutoff stands at 155 days, which means that the Realized Cap of the STH whales would signify the total value of the purchases made by the whales over the last five months. In the past five months, there has been one event in particular that has stood out, which has also never been present in any of the prior cycles: the approval of the spot exchange-traded funds (ETFs). The spot ETFs provide an alternative mode of investment into the asset through a means that’s familiar to traditional investors. These funds have been bringing in some unprecedented demand into BTC and as their holdings also fall under the 155 days mark, they would count as STH whales. Related Reading: Ethereum To See Fresh Move Soon? What Futures Data Says Bitcoin has also been rallying this year, so all this new investment would have had to purchase at relatively high prices, thus causing the Realized Cap, which correlates to direct capital flows, to inflate even further. BTC Price Bitcoin is now trading at $66,400 after witnessing a surge of more than 6% over the past week. The price of the asset seems to have been overall consolidating sideways recently | Source: BTCUSD on TradingView Featured image from Todd Cravens on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":604922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,5493,84666,92150,84852,92151,19064,1119,1144],"class_list":["post-604864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-buying","tag-bitcoin-long-term-holders","tag-bitcoin-newbie-whales","tag-bitcoin-short-term-holders","tag-bitcoin-veteran-whales","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nNewbie Bitcoin Whales Hold 2x As Much As Veterans: What's Behind This Trend?<\/title>\n<meta name=\"description\" content=\"Data shows the new whale entrants in the Bitcoin market now hold twice as much as the veterans. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend?","url":"http:\/\/wncen.com\/news\/newbie-bitcoin-whales-hold-2x-veterans-trend\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/newbie-bitcoin-whales-hold-2x-veterans-trend\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/todd-cravens-lwACYK8ScmA-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/todd-cravens-lwACYK8ScmA-unsplash-1.jpg?fit=3008%2C2000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin buying","bitcoin long-term holders","bitcoin newbie whales","bitcoin short-term holders","bitcoin veteran whales","bitcoin whales","btc","btcusd"],"dateCreated":"2024-04-24T17:00:36Z","datePublished":"2024-04-24T17:00:36Z","dateModified":"2024-06-11T07:05:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/newbie-bitcoin-whales-hold-2x-veterans-trend\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/newbie-bitcoin-whales-hold-2x-veterans-trend\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/todd-cravens-lwACYK8ScmA-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/todd-cravens-lwACYK8ScmA-unsplash-1.jpg?fit=3008%2C2000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin buying\",\"bitcoin long-term holders\",\"bitcoin newbie whales\",\"bitcoin short-term holders\",\"bitcoin veteran whales\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-04-24T17:00:36Z\",\"datePublished\":\"2024-04-24T17:00:36Z\",\"dateModified\":\"2024-06-11T07:05:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/todd-cravens-lwACYK8ScmA-unsplash-1.jpg?fit=3008%2C2000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=604864"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/604922"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=604864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=604864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=604864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}