Bitcoin Whales Show Declining Balances, Analyst Reports

According to PANews, CryptoQuant analyst Julio Moreno has indicated that Bitcoin whales are not significantly increasing their holdings. The data suggests that most Bitcoin whale activity is influenced by exchanges, which consolidate large amounts of Bitcoin into a few addresses, making it appear as though whales are accumulating substantial amounts of Bitcoin. CryptoQuant, which excludes all exchange addresses from its data, reveals that the balance of Bitcoin held by whales is actually decreasing. Addresses holding between 100 to 1,000 Bitcoins are also showing a similar trend, with these addresses primarily associated with ETFs.