New Bitcoin (BTC) whales have continuously accumulated an additional 3.1% of the total circulating supply since March.
According to Cryptoquant's on-chain data, wallets holding over 1,000 BTC and less than 6 months old increased from 500,000 BTC to 1.1 million BTC between March 1 and June 4, which is equivalent to $63 billion (approximately 87.57 trillion won).
During this period, the proportion of new whales' Bitcoin holdings surged from 2.5% to 5.6% of the total circulating supply, which is equivalent to about 10 months of mining volume.
A Cryptoquant analyst explained, "This indicator signifies new fund inflows, not dormant cold wallets" and "shows that market confidence is being restored".
Glassnode also recently reported that large Bitcoin holders have ended their distribution phase and are resuming accumulation. This suggests market confidence is recovering despite recent price adjustments and macroeconomic uncertainties.
Meanwhile, Signum Bank reported in its latest report that exchange holdings have decreased by 30% due to ETF fund inflows. The bank projected that as countries like the US, UK, Pakistan, and China accelerate Bitcoin reserve asset adoption, demand shocks and price volatility could increase.
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