Bitcoin Whales Are Going Through A ‘Generational’ Shift, CryptoQuant CEO Reveals
09 Outubro 2024 - 10:00AM
NEWSBTC
The CEO of the on-chain analytics firm CryptoQuant has explained
how the Bitcoin whales have been showing a shift in their Realized
Cap recently. New Bitcoin Whales Are About To Overtake Old Ones In
a new post on X, CryptoQuant CEO Ki Young Ju has discussed the
recent trend in the Realized Caps of the new and old Bitcoin
whales. The “Realized Cap” here is a model that calculates the
total valuation of Bitcoin by assuming that each coin’s ‘true’
value in circulation is the price at which it was last transferred
or sold on the blockchain. The last transfer of any coin is likely
the last point at which it changes hands, so the price at its time
could be equated to its current cost basis. As such, the Realized
Cap measures the sum of the cost basis of the BTC supply. Or, put
another way, this metric keeps track of the total amount of capital
the investors have put into BTC. Related Reading: Bitcoin Supply In
Loss Nears 20%: Could This Trigger A Fresh Surge? In the context of
the current topic, the version of the Realized Cap that’s of
interest is limited to just two segments of the market: the new and
old whales. Whales refer to entities carrying more than 1,000 coins
in their wallets. This cohort is divided into two based on age
using a 155-day cutoff. All whales bought within the past five
months belong to the short-term holder or new whale cohort, while
those who have been holding for longer than this duration are
called the long-term holder or old whales. Now, here is a chart
that shows the trend in the relative percentages of the Realized
Cap contributed by these two Bitcoin groups: As the above graph
shows, the Realized Cap of the new Bitcoin whales wasn’t anything
significant before 2018, indicating that veteran capital was king
on the network. Following 2018, though, the percentage dominance of
this group gradually started to show an improvement. And this year,
the growth in the Realized Cap of this cohort has blown up, with
the metric’s value now sitting at $108 billion. For perspective,
the indicator is standing at $113 billion for the old whales, which
suggests the disparity between the two almost nonexistent. “Bitcoin
whales are experiencing a generational shift,” notes Young Ju,
based on this trend. “Realized Cap of new whales is expected to
surpass that of older whales soon.” Related Reading: Bitcoin
Investors Not Sold On Uptober As Sentiment Remains Neutral As for
the sudden sharp growth in the Realized Cap of the new whales, it’s
likely that the inflows into the spot exchange-traded funds (ETFs)
have been falling in this category. BTC Price At the time of
writing, Bitcoin is trading at around $62,200, down more than 2%
over the past week. Featured image from Dall-E, CryptoQuant.com,
chart from TradingView.com
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