50% of Bitcoin’s Realized Cap Now Driven by New Whales

• Institutional demand and corporate adoption are reshaping Bitcoin's market.
• U.S. spot Bitcoin ETFs saw over $22 billion in inflows this year.

On December 20, 2025, Cryptopolitan reported that nearly 50% of Bitcoin’s realized cap now originates from new institutional investors and high-net-worth individuals, according to data from CryptoQuant. This marks a dramatic shift from previous years, when this group accounted for only 22% of the metric. The realized cap measures Bitcoin’s valuation based on the price of its most recent transfer, providing a more accurate picture of the market’s cost basis.

The surge in realized cap contributions underscores the substantial investments made by these new whales at historically higher price levels. Unlike early adopters who acquired Bitcoin at significantly lower prices, these participants continue buying without waiting for major market corrections. Their steady accumulation has reduced downside volatility while establishing stronger price floors that bolster Bitcoin’s value.

Institutional adoption has been a major force behind this transformation. U.S. spot Bitcoin ETFs have amassed inflows exceeding $22 billion this year alone, making Bitcoin more accessible to institutional buyers. These regulated investment vehicles are attracting high-net-worth individuals and investment firms, fueling the asset’s mainstream adoption.

Corporate Bitcoin holdings are further accelerating this trend. Data from Coingecko reveals that 151 companies now collectively hold over one million Bitcoin in their treasuries, amounting to more than 5% of Bitcoin’s total supply. Strategy, formerly MicroStrategy, leads the corporate pack with 671,268 BTC following its latest purchase of 10,645 BTC on December 15. Other major corporate holders include MARA Holdings (52,850 BTC) and XXI (43,514 BTC).

As new whales acquire Bitcoin at historically higher price levels, the asset is increasingly recognized as a store of value and a strategic cornerstone of long-term investment portfolios. These developments signify the ongoing maturation of Bitcoin’s market, shifting from speculative swings to stability supported by institutional positioning.

As of December 20, 2025, 15:08 UTC, Bitcoin (BTC) trades at $88,160.26, reflecting a 0.048% change in the past 24 hours, according to the latest market data.