New Cohort Adds 3.1% of BTC Supply Since March

Bitcoin continues to consolidate near its all-time highs. As market participants remain cautious, fresh accumulation activity is stirring among major wallet clusters.

In fact, a new wave of whales – wallets holding at least 1,000 BTC with coins aged under six months – has emerged, and these have been accumulating at an unprecedented rate.

New Whales Hoard 1.1 Million BTC

According to on-chain data shared by CryptoQuant, the metric “Supply Held by New-Whales” reveals that between March 1 and June 4, 2025, these fresh entrants more than doubled their holdings from approximately 500,000 BTC to 1.1 million BTC.

This 600,000 BTC increase, which is worth roughly $63 billion, represented a significant shift in market structure. The cohort’s share of Bitcoin’s total circulating supply surged from 2.5% to 5.6%, effectively removing the equivalent of ten months of mining output from active circulation.

Unlike dormant cold wallets, CryptoQuant analyst explained that this indicator specifically tracks new balance-sheet commitments, and hence, offers a clear signal of renewed conviction and fresh capital entering the market. The report interpreted this accumulation as a potential precursor to a supply squeeze, often linked with increased upside volatility.

The young average coin age further confirms these are recent buys, and not reactivated legacy holdings.

All eyes are now on exchange flow trends from this group of BTC holders, ETF basket activity, and divergences between derivatives funding and whale movement for clues on market direction. With aggressive, well-capitalized buyers entering ahead of macro catalysts such as potential rate cuts or ETF inflows, the current trend may significantly alter Bitcoin’s near-term trajectory.

The latest observation aligns with Glassnode’s findings, which revealed that Bitcoin’s largest holders have resumed accumulation after a brief period of distribution. This is a major shift in on-chain behavior, with renewed buying activity seen across all wallet cohorts. The trend signals growing market confidence following recent price consolidation and macro uncertainty.

Bitcoin’s Tightening Supply

Bitcoin’s supply is shrinking as institutional demand surges, according to Sygnum Bank’s latest report. With ETF inflows driving a 30% drop in exchange balances, the bank views this trend as a sign of long-term accumulation.

Additionally, government interest in adopting Bitcoin as a reserve asset is accelerating, with the US, UK, Pakistan, and even China exploring options. Sygnum stated that these important factors could spark demand shocks and price volatility.