PANews reported on January 3 that CryptoQuant analyst Julio Moreno stated that whales are not buying large amounts of Bitcoin. Currently, most data on Bitcoin whales is influenced by exchanges, which concentrate large amounts of Bitcoin in a few addresses with larger balances, making it appear as if whales have recently accumulated significant amounts of Bitcoin.

CryptoQuant has data excluding all exchange addresses, and the data shows that whale balances are declining (Chart 1). Addresses holding 100-1000 Bitcoins show the same trend, and these addresses primarily hold ETFs (Chart 2).