Odaily Planet News: Julio Moreno, head of research at CryptoQuant, posted on the X platform stating that whales are not buying large amounts of Bitcoin. Most Bitcoin whale data is inaccurate, as some exchanges consolidate large holdings into a few addresses with larger balances. This is why the market mistakenly believes that whales are accumulating Bitcoin. If all exchange addresses are excluded, it becomes clear that whale Bitcoin balances are actually declining. The same situation applies to addresses holding between 100 and 1,000 Bitcoins, which include holdings from ETFs. Julio Moreno believes that most people define market cycles based on price performance, but they should instead focus on real demand. Real Bitcoin demand is contracting on a monthly basis and has significantly slowed on an annual basis, entering a negative territory. If over time Bitcoin becomes increasingly undervalued relative to a certain model, then the model itself needs to be updated.
CryptoQuant Research Head: Whale Activity Misinterpreted, Bitcoin Demand Slows Toward Negative Zone
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Summary
Julio Moreno, head of research at CryptoQuant, said whale movement in the Bitcoin market is being misread. He pointed out that exchanges often consolidate holdings into large addresses, distorting whale activity signals. When exchange addresses are removed, whale Bitcoin balances are actually falling, including in the 100 to 1,000 BTC range. Moreno added that real Bitcoin demand is shrinking monthly and slowing yearly, nearing a negative trend.
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