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Quantitative analysis reveals the truth about Bitcoin whales - not buying, but decreasing holdings
Although there are rumors of large-scale whale purchases in the recent Bitcoin market, quantitative data analysis shows a completely different picture. Julio Moreno, an analyst at CryptoQuant, pointed out that the whale data currently used in the market is distorted due to exchange influence, and that actual quantitative analysis indicates that the holdings of whale investors are actually decreasing.
The Illusion Created by Exchanges - Distortion in Whale Data
Most of the whale data circulating in the market today is heavily influenced by exchange address information. The problem is that exchanges hold large amounts of Bitcoin in a small number of large addresses, making it appear as if whale investors have been accumulating large quantities of Bitcoin recently. This influences market sentiment and signals that differ from reality.
Actual Trends from Quantitative Analysis - Reduction in Whale Holdings
CryptoQuant maintains pure data excluding all exchange addresses, and the results of its quantitative analysis are clear. The holdings of Bitcoin by whale investors are continuously decreasing. According to the latest data, the concentration of BTC addresses in the Top 10 is 5.87%, indicating that the market is not overly concentrated among a few large asset holders. Additionally, the concentration among the Top 100 addresses is around 15.03%, which shows that the influence of whales is more dispersed than the market might think.
Changes in Addresses Holding 100~1000 BTC - ETF Impact Analysis
A similar decreasing trend is observed among mid-sized whale addresses holding between 100 and 1000 Bitcoin. A significant portion of these addresses are believed to hold through spot ETF products. This reflects that institutional investors are not holding directly on-chain addresses but are instead gaining Bitcoin exposure through regulation-friendly financial products. Ultimately, the market’s actual situation, as seen through quantitative analysis, suggests that contrary to the common belief of active whale buying, the market is in a gradual structural adjustment phase.