Speculation that Bitcoin whales are entering a major reaccumulation phase is overstated and does not reflect a meaningful shift in market structure, according to on-chain data from CryptoQuant.
Julio Moreno, head of research at CryptoQuant, said much of the widely shared “whale accumulation” data is distorted by exchange-related activity rather than genuine investor behavior. Cryptocurrency exchanges frequently consolidate funds from many smaller wallets into fewer large addresses for operational and regulatory purposes.
Once exchange-related distortions are filtered out, the data shows that large holders continue to distribute Bitcoin, not accumulate it. Moreno added that balances held by addresses with 100 to 1,000 BTC are also declining, a trend that aligns with ongoing outflows from spot Bitcoin exchange-traded funds.
The distinction matters because whale activity has historically played an outsized role in driving price movements and volatility. However, market structure has changed since early 2024, as U.S. spot Bitcoin ETFs have become some of the largest holders, reducing the relative influence of traditional whale wallets.
Source: CryptoQuant (on-chain analysis)
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