New whales now hold 33% of BTC realized cap as Strategy reduces buying

Strategy slows Bitcoin acquisitions

Over the last several weeks, Strategy has split its financial activities between moderate Bitcoin acquisitions and rebuilding its cash reserves. According to the company’s most recent 8-K filing, it sold $22 million in common stock to help finance these activities. Alongside a purchase of 267 BTC, the firm focused heavily on buybacks of its STRC preferred shares, allocating $193 million to this program.

Between September 14 and October 18, the company acquired 3,466 BTC valued at $290 million, while directing $890 million of its cash to the ongoing preferred stock buyback initiative. To further stabilize STRC trading within its targeted range, Strategy raised its buyback spending limit from $2 billion to $3 billion, placing additional pressure on its liquidity position. As of October 18, the company reported cash reserves of $447.3 million, which may require further capital raises to maintain its buyback objectives.

Active accumulation by other large holders

While Strategy has slowed its buying, other BTC whales have accelerated accumulation. In the past month, wallet addresses holding between 10 and 10,000 BTC collectively added 88,987 BTC to their balances. Strategy accounted for about 3% of this increase, signaling that it is no longer central to Bitcoin’s overall demand trends.

The company has maintained a treasury of 848,517 BTC, choosing not to trigger large sell-offs and helping to calm some market volatility. Recent market activity, however, indicated that Bitcoin prices can rebound even in the absence of consistent treasury demand.

In the past 30 days, an additional 45 wallets moved into the 1,000 to 10,000 BTC range, emphasizing the growing impact of new large holders on the market.

Spot market demand, supported by significant whale transactions, remains a crucial indicator for bullish sentiment. At the same time, on-chain data reveals a rising number of smaller “shrimp” wallets and continued growth among larger holders.

New whale cohort gains influence in BTC market

The distribution and influence of Bitcoin holders have notably shifted in 2026. Analysis of the realized market cap shows that recently emerged whales have become increasingly important in driving market movements. Early in the year, newer whales accounted for 18% of the BTC realized market cap. By October, their share had grown to 33%.

These new whales generally acquired their positions when BTC prices fluctuated between $110,000 and the lows of $59,000, setting their average cost basis at about $77,000 per BTC. As of the last few days, Bitcoin has traded as low as $81,000, positioning their average realized gains only slightly above their entry level. The intentions of these newer whales remain uncertain, particularly regarding their willingness to hold through potential unrealized losses.

The exponential rise in realized market cap since July demonstrates the strong momentum contributed by these new whales, though this trend may, in part, result from established investors reallocating their holdings rather than a surge of new liquidity.

When monitoring these accumulation trends, investors should also consider market segments shaped by fast-moving phenomena. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000—stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

Overall, as newer, influential BTC holders shape market outcomes and institutional players reduce high-profile purchases, large wallet accumulation and strategic repositioning remain key factors in analyzing Bitcoin’s future direction.