New Whale Realized Cap Hits 33.06% of Total, Cost Basis Back to $77K

The shift matters less as a sentiment signal than as a structural one: capital entering at higher cost bases now makes up a third of whale holdings, up sharply from the start of the year. That concentration raises the market's sensitivity to the newer cohort's aggregate cost basis, which has already moved from a peak near $110,000 down to the high-$60,000s and back to roughly $77,000. Whether that basis keeps recovering — or stalls near current levels — is the open question for how stable this holder group proves.