Bitcoin (BTC) "new whales", i.e., accounts holding 1,000+ BTC each for less than 155 days, amassed massive amounts of the digital gold. CryptoQuant's community expert Axel Adler says that they are finally the largest cohort in the whales' scene.
Bitcoin (BTC): Domination of new whales evident
Bitcoin (BTC) short-term-holding whales are now in control of over 60% of all BTC value stored in large-cap accounts (1,000 Bitcoins and larger). Top accounts holding Bitcoin (BTC) for less than 155 days in a row dethroned long-term holders in Q4, 2024, as unveiled by Axel Adler, an on-chain expert in CryptoQuant's community.
Unlike old whales, who tend to stick to long-term strategies, Adler explains, new whales are more actively involved in trading and react more quickly to market changes. As such, their current strategy often reflects the current phase of the market cycle - be it accumulation, growth or profit-taking.
In recent months, "new whales" were increasing their shares aggressively. Their dominance has been surging since Bitcoin (BTC) hit $55,000, and this process even accelerated once the "orange coin" exceeded the 2021 high.
In total, the share of "new whales" increased from just 17% in July 2024 to 60%, triggered by general optimistic expectations from the market's performance.
Bitcoin (BTC) reclaims $100,000 despite market uncertainty
Adler treats this strong trend as a powerful bullish indicator for the entire market: their activity tends to rise during periods of optimism and becomes less prominent during phases of uncertainty.
Meanwhile, today, in the early morning hours, crypto prices tumbled, as the markets are scared by the success of the new open-source Chinese AI model. It looks 30x more resource-efficient than the main NASDAQ-listed rivals.
As such, traders are expecting Nvidia stocks and S&P500 as a whole to drop. Bitcoin (BTC), by contrast, managed to erase morning drops and is now trying to stay above $101,000.
Dan Burgin
Vladislav Sopov