Bitcoin's market risk is increasingly influenced by shifts in ownership rather than price fluctuations. On-chain data from CryptoQuant indicates that realized capital is transitioning from long-term holders to newer whales, who have higher entry points and shorter holding periods. This shift could heighten sensitivity to market volatility and lead to defensive selling during price dips. As new large holders impact price action, the risk-to-reward ratio for Bitcoin may change, affecting market resilience.