Cryptocurrency analysis firm CryptoQuant has pointed out a notable whale movement in the Bitcoin market.
According to data shared by the company, new investor wallets holding 1,000 BTC and above, or “new whales,” have been accumulating record levels of Bitcoin in recent months.
CryptoQuant’s focus indicator, “New Whale-Held Supply,” focuses on large wallets created in the last six months. This analysis ignores long-dormant cold wallets and only considers new investment decisions.
Highlights from March 1 to June 4, 2025:
- The amount of Bitcoin held by new whales has doubled: from approximately 500 thousand BTC to 1.1 million BTC. This means an increase of 600 thousand BTC (about $63 billion).
- Their share of the total circulating supply increased from 2.5% to 5.6%. This increase indicates that an amount of supply equivalent to approximately ten months of Bitcoin mining production has been withdrawn from the market.
- According to the analysis company, the average age of Bitcoins held by these whales is low. This shows that there has been a recent purchase, meaning that there has been a new capital inflow into the market. This is not a wallet exchange of old investors, but a direct purchase.
The rapid accumulation of newly minted Bitcoins in these large wallets is squeezing supply in the market. Similar supply crunches have been observed in the past before sudden price increases, according to analysts.
Additionally, this group of investors with large capital and aggressive buying is likely preparing for possible macroeconomic developments such as interest rate cuts or new money inflows into crypto asset investment funds (ETFs), according to CryptoQuant.
*This is not investment advice.
