BTC whale accumulation is a data distortion, analyst says

Julio Moreno, a senior analyst at CryptoQuant, has pointed out that on-chain data does not show large-scale accumulation by Bitcoin whales, warning that investors should be cautious of data distortions that include the wallet activities of exchanges. He explained that most currently circulating Bitcoin transaction data fails to filter out exchange holdings. Moreno added that processes such as an exchange reorganizing its wallets can appear as whale activity and be mistaken for accumulation. He emphasized that data that excludes exchange addresses actually indicates a decrease in BTC holdings by whales. This trend is also observed among addresses holding between 100 and 1,000 BTC, a group that includes ETF holdings. Moreno previously stated his belief that Bitcoin has already passed its cycle high and is heading toward a low.