Overview
- CryptoQuant’s Julio Moreno says exchange wallet consolidations have inflated charts that appeared to show renewed whale accumulation.
- Excluding exchange addresses, balances in 1,000+ BTC wallets and the 100–1,000 BTC cohort are falling, indicating distribution rather than broad buying.
- Analysts tie the decline in mid-sized address balances to continued spot Bitcoin ETF withdrawals, including reported outflows from BlackRock’s IBIT.
- VanEck’s Matthew Sigel reports long-term holders have turned net positive over the past 30 days after their largest selling phase since 2019.
- Bitcoin trades near $90,000 with low volume and tightened volatility, leaving short-term direction highly sensitive to ETF flow trends.