CryptoQuant analyst: Bitcoin whale haven't been buying in large quantities; actual whale balances are declining.

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[CryptoQuant Analyst: Bitcoin Whale Haven't Been Buying in Large Quantities; Actual Whale Balances Are Decreasing] According to Mars Finance, CryptoQuant analyst Julio Moreno stated that whale haven't been buying large amounts of Bitcoin. Currently, most Bitcoin whale data is influenced by exchanges, which concentrate large amounts of Bitcoin in a few addresses. These addresses have larger balances, making it appear as if whale have recently accumulated a significant amount 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; these addresses primarily hold ETFs (Chart 2).

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