No, Bitcoin Whales Aren’t Massively Accumulating — CryptoQuant
▪ Whale accumulation narrative is overstated
CryptoQuant says much of the “whale buying” data is misleading and does not reflect real investor behavior.
▪ Exchange activity skews onchain metrics
Exchanges often consolidate many small wallets into fewer large ones for operational reasons — this inflates whale wallet counts and creates false accumulation signals.
▪ Filtered data shows continued distribution
After removing exchange-related noise, large
$BTC holders are still net sellers, not buyers.
▪ 100–1,000 BTC wallets are also declining
This trend aligns with ongoing spot ETF outflows, not whale accumulation.
▪ Market structure has changed post-ETF
US spot Bitcoin ETFs now hold ~1.3M BTC (≈6.2% of total supply), making ETFs a dominant “whale class” themselves.
Silver lining 📊 Long-term holders turn bullish
▪ Long-term holders have become net accumulators over the past 30 days
▪ This follows their largest selling event since 2019
▪ Suggests a key source of selling pressure may be easing
Price context
▪ BTC holding above $90K
▪ No retest of the sub-$80K November low so far
Bottom line:
Short-term whale hype is exaggerated, but long-term holder behavior is quietly improving — a structurally healthier signal than flashy accumulation narratives.
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