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New whales and new theses reshape Bitcoin’s next phase

Fresh capital from new whales and Strategy’s treasury moves are changing how Bitcoin works in portfolios and in the market.

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New whales reset Bitcoin’s cost base

Saylor calls Bitcoin an asset, Ammous calls Bitcoin money

New whales reset Bitcoin’s cost base

Onchain data shows new large holders driving this cycle at higher prices.

  • [Whale share]: New whales now hold around 50% of Bitcoin’s realized cap, up from below 22% before 2025.

  • [Short term demand]: Short term holder supply grew by about 100,000 BTC in 30 days, showing heavy dip buying near 85,000 dollars.

  • [Whales vs retail]: Whale wallets show a positive 135 million dollar CVD while retail flows are negative, so large players absorb selling from smaller traders.

“New whales are re-anchoring Bitcoin’s cost base at higher prices,” said analysts at CryptoQuant.

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Saylor calls Bitcoin an asset, Ammous calls Bitcoin money

Michael Saylor builds financial products on top of Bitcoin, while Saifedean Ammous focuses on Bitcoin as base money.

  • [Asset view]: Saylor compares Bitcoin to crude oil and uses Strategy stock, notes, and preferred shares to give investors BTC exposure.

    [Treasury scale]: Strategy now holds around 671,268 BTC after years of balance sheet accumulation.

    [Money view]: Ammous points to fiat supply growth of 7%-15% a year and expects businesses and people to seek Bitcoin as core money and collateral.

“Bitcoin serves as the money,” said Ammous. “More people buy Bitcoin and cash balances in BTC grow over time.”

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🚀Stay sharp. The path to $150K won't be linear🚀

This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results