BlockBeats News, January 3rd, CryptoQuant.com’s Head of Research Julio Moreno shared in a post that “Bitcoin whales did not buy a large amount of Bitcoin. Most of the ‘whale data’ seen in the market is actually influenced by the consolidation of exchange addresses—exchanges consolidating a large amount of assets into fewer addresses with larger balances, making it appear as if whales have significantly increased their Bitcoin holdings recently.
We have obtained a set of data that has excluded all exchange addresses, and this data indicates that whale holdings are actually decreasing (first chart). The same situation is also occurring with addresses holding 100–1,000 Bitcoin—this range is commonly used to represent ETF holdings (second chart).”
