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The Truth About Bitcoin Whales from a Quant Perspective: Not Large-Scale Buying but Decreasing Holdings
There are recent rumors in the Bitcoin market about whales making large-scale purchases. However, from a quantitative data analysis perspective, these claims do not reflect reality. CryptoQuant analyst Julio Moreno has presented objective data showing that actual whale investors are not actively accumulating Bitcoin. In fact, the true whale holdings on the chain are showing a decreasing trend.
Whale Data Distorted by Exchange Influence
Most of the whale-related data circulating in the market today is heavily influenced by exchanges. The problem is that exchanges hold large amounts of Bitcoin in a small number of large wallet addresses, creating the illusion that whale investors have been accumulating significant amounts of Bitcoin recently. This is a hallucination that misleads data interpreters.
CryptoQuant maintains pure on-chain data excluding all exchange addresses. Using this quantitative analysis data, we can understand the true trend of whale investors. When excluding exchange influence, it appears that whale holdings of Bitcoin are actually decreasing.
True Whale Holdings on the Chain Are Decreasing
According to CryptoQuant’s pure on-chain data, it is clear that whale investors’ Bitcoin holdings are decreasing. Removing the noise from exchange data indicates that actual whales are reducing their assets.
This phenomenon is not limited to just the whale tier. The same downward trend is observed among addresses holding between 100 and 1,000 BTC. These mid-sized addresses are mainly portfolios of institutional investors holding spot ETFs.
Micro Whales Are Sending the Same Signal
The movements of micro whales carry even greater significance. The fact that addresses holding between 100 and 1,000 BTC are all moving in the same direction means the entire whale ecosystem is sending a unified signal. The spot ETF assets they mainly hold reflect the trends of institutional investors.
Ultimately, what the quantitative analysis data reveals is clear. The rumors of whale buying in the market are based on misconceptions caused by exchange address data, and the actual Bitcoin holdings of whales are decreasing. This is confirmed by pure quantitative data excluding exchange influence.