Large Bitcoin ‘Whale Accumulation’ Was Exchange Housekeeping, Data Shows
Recent data indicating Bitcoin accumulation by large investors was largely due to cryptocurrency exchanges reorganizing their holdings, not actual buying.Summary
Recent on-chain data initially suggested significant Bitcoin accumulation by large investors, or “whales.” However, analysis by CryptoQuant’s Julio Moreno reveals this was primarily caused by cryptocurrency exchanges consolidating assets into fewer, larger cold storage wallets. These routine transfers can be misinterpreted as whale buying activity. Moreno’s analysis, filtering out exchange-internal transfers, actually shows a bearish trend, with whales and mid-tier investors being net sellers throughout December, reducing their collective holdings. This selling pressure coincided with a volatile period for Bitcoin, which saw a price correction in December. Further data from Glassnode corroborates this, showing negative netflows into the Bitcoin network and increased loss realization among long-term holders, indicating potential investor fatigue and capitulation.
(Source：BeInCrypto)