Bitcoin’s Cost Base Resets As New Whales Take The Lead

According to onchain data, Bitcoin may be moving into a different phase of market participation rather than simply hitting a classic cycle top or bottom.New, large entrants are paying higher prices and holding on, and that change is reshaping where the network’s cost base sits. This is not just a short blip; the pattern has several clear data points behind it.
New Whales Rewrite The Network Cost Base
According to CryptoQuant figures, addresses classified as new whales now account for almos