Bitcoin Whale Accumulation Overstated as Long-Term Holders Begin Buying
CryptoQuant data suggests reported Bitcoin whale accumulation is overstated due to exchange consolidation, while long-term holders are now accumulating.Summary
According to CryptoQuant's head of research, Julio Moreno, the narrative that Bitcoin whales are massively reaccumulating BTC is misleading because much of the observed activity is due to exchanges consolidating funds into fewer wallets for operational reasons, which artificially inflates whale balances. When these exchange distortions are filtered out, data indicates large holders are still distributing Bitcoin, and balances held by addresses with 100 to 1,000 BTC are falling, potentially reflecting ETF outflows. Despite the ongoing debate about whales, a more positive onchain signal comes from long-term holders (LTHs), who have become net accumulators over the last 30 days following their largest selling event since 2019. This shift suggests a potential easing of selling pressure, even as Bitcoin's price has yet to see a sustained recovery above $90,000.
(Source：Cointelegraph)