CryptoQuant analyst MorenoDV_ said Bitcoin’s new whales now hold a realized capitalization of $78.61 billion, compared with $159.15 billion for old whales, according to a note cited by ChainCatcher. The share attributed to new whales stands at 33.06%, up from about 18% earlier in 2026. Since September, realized cap growth has come largely from new whales, while the old-whale cohort has stayed mostly flat. MorenoDV_ said realized capitalization is calculated using the price at which coins last moved on-chain, so it should not be read as a direct measure of BTC supply share. The analyst also tracked cost basis changes for new whales, showing a decline from around $110,000 near a prior peak to roughly $68,000 by late August, before rising again to about $77,000. With BTC at $82,134, that leaves the price about 6.7% above the group’s cost basis. The note added that realized cap growth does not necessarily mean an equal amount of fresh capital entered the market, because holder rotation and transfers between addresses can also push the metric higher.
CryptoQuant analyst MorenoDV_ said Bitcoin’s new whales have a realized capitalization of $78.61 billion, while old whales stand at $159.15 billion, according to a ChainCatcher report.
New whales account for 33.06% of the total, up from about 18% earlier in 2026. Since September, the realized cap of new whales has kept rising, while old whales have remained mostly flat. The increase has mainly come from the new-whale cohort.
How the metric is calculated
The analysis said realized capitalization is based on the price of each token at its last on-chain transfer. It does not represent BTC supply share.
On cost basis, the overall entry level for new whales fell from around $110,000 near an earlier peak to roughly $68,000 by the end of August, then climbed back to about $77,000. With BTC currently at $82,134, the price is about 6.7% above the new whales’ aggregate cost basis.
What the analyst is watching
MorenoDV_ said the data suggests large holders bought during the decline and kept adding as prices recovered. At the same time, the note cautioned that realized cap can also rise because of changes in the holder base and transfers between addresses, meaning the increase should not be treated as a one-for-one sign of fresh capital inflows.
The analysis added that if BTC stays below the $77,000 area, new whales would move back into loss, raising the odds of selling on rebounds. Exchange inflows and realized losses could help show whether that would amount to short-term pressure or a broader return to whale selling.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
