According to ChainCatcher, CryptoQuant analyst Julio Moreno stated that whale are not buying large amounts of Bitcoin. Currently, most Bitcoin whale data is influenced by exchanges, which concentrate large amounts of Bitcoin in a few addresses with larger balances, making it appear as if whale have recently accumulated significant amounts of Bitcoin.
CryptoQuant has data excluding all exchange addresses, and the data shows that whale balances are declining (Chart 1). Addresses holding 100-1000 Bitcoins show the same trend, and these addresses primarily hold ETFs (Chart 2).
