CryptoQuant’s onchain data shows that claims about large holders reaccumulating Bitcoin in a massive manner are overstated. Exchange moves can distort the numbers shared on social media. Not new purchases. This distortion is important because it can make large transfers that are tied to exchanges look as if one entity has piled in when they’re actually internal bookkeeping.
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The totals of whale wallets can be misleading
Due to operational or regulatory reasons, many exchanges combine money from many smaller accounts into one large wallet. Onchain trackers can count these consolidated addresses. “whales,” Inflating the number of large holders.
Julio Moreno of CryptoQuant says the true balances for large holders are falling even when exchange shifts have been removed. Addresses holding 100-1,000 BTC balances have decreased, in line with the trend of outflows by spot ETFs.
The whales don’t buy large amounts of Bitcoin
The majority of Bitcoin whale information has been gathered by the Internet. “affected” By consolidating their assets into smaller addresses, whales have been accumulating coins in recent times.
We… pic.twitter.com/dk9XqqckIX
— Julio Moreno (@jjcmoreno) January 2, 2026
Long-term Holders are now buyers
There are reports that another group is involved. shifted it. Matthew Sigel of VanEck’s research team on digital assets says that after the biggest sell-off since 2019, long-term owners have been net accumulaters over the past thirty days.
This change may reduce a major selling force. This does not mean a rally is guaranteed, but at least one important cohort has stopped selling. The markets react to the buying and selling of stocks, so this action by long-term investors softens any argument that one group drives prices down.
Prices Show Mixed Signals
Bitcoin The price has hovered around $90,000. The price at the time we reported was $89,750 on Saturday with a 24-hour volume of $52 billion.
A token that is roughly 2.8% under a recent high day of $90 250 has a capitalization around $1.75 trillion, which comes from a supply that’s close to 20 million BTC. Volume has been low, which has meant that the trading market has not seen any clear breaks or breakouts.
Market Moves Hinge On ETF Flows
The US Spot Bitcoin ETFs The ownership landscape has changed dramatically since early 2024 when the ETFs became operational. The ETFs are now a major part of both on and off chain demand. This can change where Bitcoin is held and the way flows are displayed on onchain charts. Reports suggest that ETF outflows have helped drive lower balances in the 100–1,000 BTC band, while at the same time some long-term holders are quietly buying.
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What this means for investors
The evidence, taken together, points more to consolidation than either a new bull-run or a crash. They overstated the claims about a whale reaccumulation because they didn’t account for exchange consolidating.
But the picture isn’t one-sided. Even as non-exchange large addresses continue to reduce their holdings, long-term investors have continued to show interest in buying. Future direction is likely to depend on ETF flows returning in size as well as whether trading volumes pick up enough for confirmation.
Chart by TradingView. Image from Unsplash.
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Source: www.newsbtc.com
