CryptoQuant analyst Julio Moreno stated that whales have not been buying a large amount of Bitcoin. Currently, most of the data on Bitcoin whales is influenced by exchanges, which concentrate a large amount of Bitcoin into a few addresses, and these addresses have larger balances, so whales recently appear to have accumulated a large amount of Bitcoin. CryptoQuant has data that excludes all exchange addresses, and the data shows that the balance of whales is decreasing (Chart 1). Addresses holding 100-1000 Bitcoins also show the same trend, and these addresses mainly hold ETFs (Chart 2).
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