Opinion: Bitcoin whales have not significantly increased their Bitcoin holdings

GateUser-6433627c · 2026-01-03T10:14:58+00:00

CryptoQuant.com Research Director Julio Moreno pointed out that Bitcoin whales are not buying in large quantities. The whale data in the Bitcoin market is affected by exchange address mergers and actually shows a decline in holdings. After excluding exchange addresses, addresses holding 100-1000 Bitcoins also show a decrease in holdings.

GateUser-6433627c

2026-01-03 10:14:58

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On January 3rd, Julio Moreno, Head of Research at CryptoQuant.com, posted a share stating, “Bitcoin whales are not currently buying large amounts of Bitcoin. Most of the ‘whale data’ seen in the market today is actually influenced by exchange address mergers—exchanges consolidating large assets into fewer, larger-balance addresses, which makes it appear as if whales have recently increased their Bitcoin holdings significantly. We have obtained a set of data that excludes all exchange addresses, and this data shows that whale holdings are actually decreasing (see the first chart). The same situation is observed with addresses holding 100–1,000 Bitcoins—this range is often used to represent ETF holdings (see the second chart).”

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