CryptoQuant Analyst: Bitcoin whales have not been buying in large quantities, and the actual whale balances are decreasing

CryptoQuant analyst Julio Moreno stated that whales are not buying large amounts of Bitcoin. Currently, most Bitcoin whale data is influenced by exchanges, which concentrate large amounts of Bitcoin into a few addresses. These addresses have larger balances, making it appear that whales have accumulated a significant amount of Bitcoin recently.

CryptoQuant has data that excludes all exchange addresses, and the data shows that whale balances are declining (Chart 1). Addresses holding 100-1000 Bitcoins are showing the same trend, and these addresses primarily hold ETFs (Chart 2).