Bitcoin Handover: Whales Exit, New Buyers Raise Cost Basis

Bitcoin turnover accelerates as early whales offload holdings and new investors absorb supply at higher prices. On-chain data shows long-term holders selling 405,000 BTC (1.9% of circulating supply) over 30 days, with large transfers to exchanges—and a notable whale like Owen Gunden moving over 2,000 BTC to Kraken. This shift disperses ownership from a few low-cost holders to a broader, higher-cost base, pushing the average cost basis toward $110,800. The rising MVRV ratio confirms this structural maturation and signals bullish potential. Ethereum turnover follows a similar path. Institutional products—ETFs and DAT funds—now control about 11% of ETH, and whale wallets (over 100,000 ETH) are accumulating at higher prices while retail sheds positions. This cost-basis reset precedes an expected price rally for ETH. Solana is in an earlier stage of turnover: SOL spot ETFs and DAT inflows account for 2.9% of supply, yet on-chain data remains concentrated among insiders. Institutions are gradually rebalancing into SOL, suggesting that its turnover-driven rally may materialize later in the cycle. Overall market focus is shifting from speculative Bitcoin wealth effects to real-use chains, yield-generating assets, fee-sharing DeFi protocols, stablecoins and RWA, underpinning a bullish medium- to long-term outlook.