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CryptoQuant Analyst: Bitcoin Whales Are Not Buying in Large Quantities, Actual Whale Balances Are Decreasing
Mars Finance reports that CryptoQuant analyst Julio Moreno stated that whales are not purchasing large amounts of Bitcoin. Currently, most Bitcoin whale data is influenced by exchanges, which concentrate large amounts of Bitcoin into a few addresses with larger balances. As a result, whales seem to have accumulated a significant amount of Bitcoin recently. CryptoQuant has data excluding all exchange addresses, showing that whale balances are decreasing (Chart 1). Addresses holding 100-1000 Bitcoins also show the same trend, mainly holding ETFs (Chart 2).