Onchain new Bitcoin whales now comprise nearly 50% of realized cap

As of December 20, 2025, new Bitcoin whales account for nearly 50% of the asset's realized cap, up from 22% before this year. Corporate treasuries span 151 firms holding over 1 million BTC, and U.S. spot ETFs have recorded year‑to‑date inflows above $22 billion, highlighting rising institutional demand and firmer price bases.