xchange holdings and whale holdings are converging. Exchanges now sit at 6.06B KAS against 6.34B held by tracked whale wallets, a gap of roughly 280M. A year ago that gap was close to 4B. Exchange balances have almost doubled since July 2025, climbing from around 3.2B in a series of step changes rather than a smooth accumulation. Most of those steps look like custody or wallet reshuffles rather than organic inflow, but the trend direction has been one-way. Whale holdings have moved the other way, down from roughly 7.15B to 6.34B over the same period, with a step down in mid-July that hasn't been recovered. Worth being precise about what the whale line measures. It tracks known wallets holding 10M+ KAS, excluding exchanges. Larger holders routinely split balances across multiple addresses, so real concentration sits above what the cohort shows. The line is a floor on whale supply, not a total. #KAS $KAS #Kaspa