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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings
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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Newbie Bitcoin Whales Now Control 44% Of Realized Cap, Highest Ever

Keshav Verma
Keshav Verma
Last Updated: October 16, 2025 8:00 am
2 mins read
Bitcoin STH Whales

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On-chain data shows the short-term holder Bitcoin whales have recently increased their Realized Cap share to the highest level ever.

Bitcoin Is Currently Being Dominated By New Capital

In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the share of the Bitcoin whale Realized Cap held by the short-term holders.

The Realized Cap here is an on-chain indicator that measures, in short, the total amount of capital that the BTC investors as a whole have put into the cryptocurrency. Changes in this metric reflect the incoming or outgoing of capital.

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In the context of the current topic, the Realized Cap of only a portion of holders is of interest: the whales. These are the entities carrying more than 1,000 BTC (about $111.4 million) in their balance.

Whales can be further broken down into cohorts on the basis of holding time. Whale-sized holders who bought their coins within the past 155 days are known as the short-term holder (STH) or new whales. Similarly, those who have a holding time higher than this cutoff are called the long-term holder (LTH) or old whales.

Now, here is the chart shared by Maartunn that shows how the Bitcoin Realized Cap dominance of these two groups has changed over the past decade:

Bitcoin Whale Realized Cap
Looks like the metric’s value has been rising for the new whales | Source: @JA_Maartun on X

As displayed in the above graph, new whales have rapidly gained ground in the Bitcoin Realized Cap recently and hit a dominance of 44%. The STH whales represent the big-money capital that has come into the coin over the last 155 days. Thus, it would appear that 44% of the capital stored on the BTC network is currently “fresh.”

This is the largest share of the whale Realized Cap that the STHs alone have occupied in the cryptocurrency’s history. To put things into perspective, the 2021 bull run topped out at a value of 31%.

The STH whales gain Realized Cap dominance through two means: a transfer of coins between members of the cohort at a higher price and selling from the LTH whales.

LTH whales are the resolute hands of the market who hold out through volatile periods in wait for profitable exit opportunities. These smart-money investors usually ramp up their selling during bull runs and transfer their coins to new money coming into Bitcoin. As long as demand is high enough to absorb this distribution, the rally continues, but once capital inflows drop off, the asset hits a top.

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So far, the growth in the STH whale Realized Cap share has maintained, but it only remains to be seen how much room is still left.

BTC Price

Bitcoin has been struggling to recover since Friday’s crash as its price is still trading around $111,400.

Bitcoin Price Chart
The price of the coin seems to have overall moved sideways over the last few days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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