CryptoQuant data shows exchange wallet activity distorting whale metrics, while long-term holders quietly shift to accumulation
Claims that Bitcoin whales are aggressively accumulating large amounts of BTC are largely overstated, according to new onchain analysis. Data suggests that the broader market structure has not materially shifted, even as Bitcoin trades near key psychological levels.
Why Whale Accumulation Metrics Are Misleading
According to CryptoQuant, widely shared data pointing to massive Bitcoin whale accumulation is skewed by exchange-related wallet activity. Cryptocurrency exchanges frequently consolidate funds from many smaller wallets into fewer large addresses for operational and regulatory purposes. This process artificially inflates the number of wallets holding large BTC balances, leading trackers to misclassify the activity as whale buying.
When these exchange-related distortions are filtered out, the data shows that large holders are still distributing Bitcoin rather than accumulating it, Moreno said;
When these exchange wallets are filtered out, onchain data shows that large Bitcoin holders are still net distributors, not accumulators. Balances held by wallets containing 100 to 1,000 BTC are also declining, a trend linked to ongoing Bitcoin ETF-related flows.
Impact of Bitcoin ETFs on Market Structure
Since early 2024, the market has changed significantly with the launch of U.S. spot Bitcoin ETFs, which now collectively hold nearly 1.3 million BTC, or about 6.2% of total supply. These entities have become major holders, reducing the relative influence of traditional whales.
Matthew Sigel, head of digital assets research at VanEck, said:
A notable shift is emerging among long-term Bitcoin holders, who have become net accumulators over the past 30 days following their largest distribution event since 2019. This easing of selling pressure could support price stability, even as Bitcoin trades just above $90,000.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.