Speculation that Bitcoin “whales” are undergoing a large-scale reaccumulation phase has been overstated, indicating that the structure of the digital asset market has not undergone significant changes, according to onchain data from CryptoQuant.
Julio Moreno, Head of Research at CryptoQuant, stated that the common view that large investors are actively accumulating Bitcoin is actually misleading. Most publicly available “whale accumulation” data is influenced by internal exchange activities and does not accurately reflect actual investor behavior.
In reality, cryptocurrency exchanges frequently consolidate assets from many small wallets into larger wallets to facilitate operations and comply with regulations. This process artificially increases the number of wallets holding large balances, causing onchain monitoring systems to mistakenly interpret this as whale accumulation.
When removing exchange-related noise, the data shows that large investors still tend to distribute Bitcoin rather than accumulate it, Moreno said.
As a result, the total holdings of whales continue to decline. Even holdings at addresses with 100 to 1,000 BTC are decreasing, reflecting a continuous withdrawal trend from exchange-traded funds (ETFs).
US-based spot Bitcoin ETFs hold nearly 1.3 million BTC, accounting for about 6.2% of the total Bitcoin supply | Source: BitboThis information is particularly important because Bitcoin whales have a significant influence on the market; large-volume transactions often cause sharp price fluctuations and periods of volatility. However, the market structure has shifted since the beginning of 2024, when US spot Bitcoin ETFs emerged and became new major investors in this digital asset.
Bright Spot: Long-term Holders Increasing Accumulation
While debates about whether Bitcoin whales are truly reaccumulating continue, other onchain data shows a positive development among long-term investors.
Matthew Sigel, Head of Digital Asset Research at VanEck, said that in the past 30 days, long-term Bitcoin investors have become net accumulators after their largest sell-off since 2019.
This shift indicates that the recent selling pressure on Bitcoin is easing, at least in the short term.
Although Bitcoin’s price has not yet shown a sustainable recovery, it has avoided falling below the $80,000 level like in November. As of the time of writing, Bitcoin is trading at over $90,000.
Mr. Giáo
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