On the surface, it may look like Bitcoin whales are quietly accumulating, but the data tells a different story. Much of the recent “whale activity” is actually driven by exchanges moving and consolidating funds into fewer large wallets, which can give a misleading impression of heavy buying.
When exchange addresses are filtered out, the picture changes. CryptoQuant’s data shows that true whale holdings are gradually declining rather than increasing. Even wallets holding 100 to 1,000 BTC many of which are linked to ETFs are following the same downward trend, suggesting distribution or rebalancing instead of aggressive accumulation.$BTC
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