Bitcoin is no longer driven by the old whales.

Control has shifted.

According to CryptoQuant, the market direction is now determined by new whales.
They hold the largest realized capital.
The most active turnover.
And the highest emotional exposure to volatility.

This is important.
Because old whales tend to be passive.
New whales are reactive.

They buy faster.
Sell faster.
Panic faster and gain confidence faster.

This means that current price movements:
are more sensitive, change direction more quickly,
and are harder to predict with traditional cycle logic.

In this phase, it's not the news that has the most influence.
But who holds the largest positions and how nervous they are.

Bitcoin remains the same.
What has changed: the hands controlling it.

#bitcoin #onchaindata #CryptoQuant $BTC ‌$BTC5L ‌$BTC3L ‌