New Bitcoin whales now account for 33.06% of the total realized capitalization held by large Bitcoin investors, with their holdings reaching $78.61 billion on October 15, 2026.
According to an analysis published on October 16 by CryptoQuant contributor MorenoDV, newer large holders are taking a bigger share of the market as Bitcoin moves through its recovery.
This shows that new whales held $78.61 billion in realized cap, while older whales held $159.15 billion.
According to MorenoDV’s analysis, new whales accounted for only about 18% of the total in early 2026. Their share has since risen to nearly one-third. New-whale realized cap has increased since September, while old-whale realized cap has remained broadly stable.
Realized capitalization measures Bitcoin using the price at which each coin last moved on the blockchain. This differs from market capitalization, which uses the current Bitcoin price. In simple terms, realized cap helps show the prices at which Bitcoin holders last moved their coins, giving a different view of how their holdings are valued.
How CryptoQuant defines new and old whales
CryptoQuant classifies new whales as addresses holding more than 1,000 BTC, with their unspent transaction outputs (UTXOs) being less than 155 days old.
Older whales hold at least 1,000 BTC, but their UTXOs are more than 155 days old. The classification therefore depends on when the coins last moved, not just the size of the holdings.
Whale balances reach their highest level since November
Meanwhile, the change comes as Bitcoin holdings among large investors have also increased. In a research note published on October 13, CryptoQuant reported that whale balances had reached 3.03 million BTC, their highest level since November 21, 2025.
The figure excludes exchange and mining pool addresses, focusing on Bitcoin held by large investors. Whale balances had fallen to around 2.87 million BTC in December 2025, well below the previous bull market peak of approximately 3.23 million BTC.
In August, Bloomberg reported that whales had added 43,000 BTC over 60 days, ending months of selling as Bitcoin fell toward $60,000.
New whales’ Bitcoin cost basis recovers to $77,000
MorenoDV also said the cost of buying Bitcoin has changed for newer whales. Their estimated average cost basis fell from around $110,000 near the previous market peak to about $68,000 in late August.
It later recovered to approximately $77,000. With Bitcoin trading at $82,134 in the October 16 report, the price stood about 6.7% above this group’s estimated cost basis.
Five new wallets receive nearly $97 million in Bitcoin
Other activity has added to the picture. On October 14, blockchain analytics account Lookonchain reported that five newly created wallets received 1,162 BTC, worth about $96.77 million, from trading firm Wintermute within 12 hours. However, the identity of the person or group behind the wallets remains unknown.
Still, the rising realized capitalization does not prove that the same amount of new cash entered Bitcoin. Transfers between wallets and changes in when coins last moved can affect the figures.
For now, the $77,000 area remains an important level to watch for newer whales. If Bitcoin remains above the estimated cost basis as the new-whale realized capitalization grows, that would be consistent with the cohort remaining above its aggregate cost basis.
However, a sustained drop below that level could leave more holders facing losses, making exchange activity and selling patterns important signals to follow.
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