😱 According to CryptoQuant analyst Julio Moreno, large #Bitcoin holders are not materially expanding their positions. Much of the activity often interpreted as whale buying is instead linked to exchange behavior, where sizable amounts of $BTC are consolidated into a limited number of wallets, creating the appearance of accumulation.

When exchange addresses are removed from the dataset, a different picture emerges. CryptoQuant’s adjusted figures show a gradual decline in Bitcoin balances held by whales. A similar pattern is visible among wallets holding between 100 and 1,000 BTC, a group that is largely connected to ETF-related custody rather than discretionary accumulation.