Turning point, Bitcoin's new whale has invested $100 billion

According to CryptoQuant's data, the investment of new "whales" in BTC has grown 13-fold this year, reaching nearly $108 billion on October 6. Currently, the investment of new "whales" accounts for 48.8% of the total realized cap of BTC, almost reaching the $113 billion paid by the old "whales". It is worth noting that this is the highest amount these investors have spent in absolute terms. The "realized cap" is an indicator that calculates the value of each BTC's unspent transaction output (UTXO) and considers the price at the time of its last movement. This is typically used to measure how much value is stored in BTC. Furthermore, the relative participation of new "whales" in the total realized cap recorded on October 6 reached a historical 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" refer to BTC addresses that have held an average of more than 1000BTC for less than 155 days, excluding wallets owned by centralized exchanges and miners. CryptoQuant CEO Ki Young Ju has described this movement as a "generational shift" and expects the realized cap of new whales to surpass that of old "whales" soon. In addition to the on-chain data of BTC showing the accumulation and holding trend of new "whales", the active addresses in the network also broke the 11-month downward trend on October 8. Real Vision's Chief Crypto Asset Analyst Jamie Coutts emphasized this trend, pointing out that the organic network growth and adoption of BTC across all its metrics support its future as a global monetary network. Although this is a positive fundamental indicator, Coutts noted that the predictive power of active addresses has weakened over the past four years. Meanwhile, a glassnode report on October 8 showed that the supply held by short-term BTC holders is waiting to realize gains, with a ratio of 1.2. The report also added that the sentiment of short-term holders is key to understanding the recent price movements, as they represent new market demand. On the other hand, the open interest in futures contracts indicates that speculative activity is surging. In addition to the uncertainty of macroeconomic market signals, this also makes the market susceptible to volatility, mainly due to deleveraging pressure and liquidation.