Overview
- CryptoQuant’s Julio Moreno said widely cited whale accumulation charts are distorted by exchanges pooling funds into fewer large addresses.
- When exchange-controlled wallets are excluded, balances across large cohorts, including 100–1,000 BTC addresses, continue to decline.
- Ongoing outflows from spot Bitcoin ETFs align with the drop in large and mid-sized wallet holdings, reinforcing the distribution trend.
- Signals from long‑term holders are split, with one set of data showing 30‑day net accumulation and other metrics indicating renewed selling.
- Volatility has tightened sharply, with Bollinger Bands under $3,500 as Bitcoin trades a little above $90,000, and analysts urge using filtered on-chain data to avoid false signals.