On-chain metrics indicate addresses classified as new whales represent almost 50% of BTC’s realized cap, signaling a change in the network cost base. Short-term holder supply (<155 days) rose by ~100,000 BTC over 30 days to an all-time high, while long-term holders stayed largely inactive. Selling was concentrated among short-term and mid-size holders; about 37% of BTC sent to Binance came from whale-sized wallets (1,000–10,000 BTC). Hyblock data shows whale wallets had a +$135M cumulative volume delta this week while retail and mid-size traders recorded negative deltas, implying larger players absorbed recent selling pressure.

Positive because new whales now represent nearly 50% of realized cap and whale wallets posted a +$135M cumulative volume delta absorbing selling pressure; short-term holder supply expanded ~100,000 BTC to an all-time high and selling was concentrated in short-term/mid-size holders, with ~37% of BTC sent to Binance coming from 1,000–10,000 BTC wallets.