I've added a new set of comparative data, which makes it clearer. The purple line represents all addresses holding more than 1,000 Bitcoins. You can see that over the past year, until October 2024 (when the price was still above $110,000), the holdings were consistently decreasing. However, from November of last year until now, the holdings have been slowly increasing. The corresponding yellow line represents the total BTC holdings across all exchanges. At the same time, whale holding more than 1,000 BTC reduced their holdings by 440,000 BTC, while exchanges also reduced their holdings by more than 150,000 BTC. In other words, the actual number of BTC sold by whale was less than 300,000. The green line represents addresses holding between 100 and 1,000 BTC that increased their holdings by 600,000 BTC. The total BTC held in this range is currently 5,168,926 BTC.