CryptoQuant data shows Bitcoin whales are not aggressively buying, with declining balances and Bitcoin trading slightly above $90,000.
Speculation that Bitcoin whales are actively reaccumulating Bitcoin has been overstated, according to recent onchain data from CryptoQuant. Analysts point out that the market structure has not materially changed despite viral reports of big buys. Furthermore, public whale accumulation charts are usually skewed by movements related to the exchange, which misdirects investors about actual behavior.
Onchain Data Highlights Misleading Whale Narratives
Julio Moreno, head of research at CryptoQuant, stressed that numerous whale accumulation charts consider exchange consolidations as investor buying. Exchanges will often pool funds from thousands of smaller wallets into fewer large addresses for operational convenience. As a result, wallet balances are artificially inflated, and on-chain trackers consider these transfers to be aggressive whale accumulation.
After excluding all exchange addresses, CryptoQuant data reveals that the balance of whales is continuously decreasing in the market. Similarly, addresses holding between 100 and 1,000 BTC, which include ETF-related holdings, are also decreasing. This trend corresponds to persistent exchange-traded fund outflows and shows distribution, not accumulation, by large holders, which is a sign of cautious market sentiment.
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Meanwhile, long-term holders have reportedly turned net accumulators over the last 30 days. This follows a major selling event, which seems to suggest a possible easing of selling pressure in some market sections. Therefore, while whale balances are going down, net accumulation by long-term holders helps to create a better, more stable market environment.
Market Structure Remains Largely Unchanged Despite Whale Distribution
The fact that there is no accumulation of aggressive whales suggests that the Bitcoin market structure has not significantly changed. Price action is still cautious with Bitcoin trading at slightly over $90,000 as of January 3, 2026. Analysts highlight that these whale data can be misinterpreted, and the difference between exchange-related transfers and real accumulation trends should be highlighted for investors.
CryptoQuant’s adjusted on-chain metrics point to whales not buying significant amounts of Bitcoin. The ongoing reduction in the volume of large addresses in conjunction with net accumulation among long-term holders is indicative of stabilization and not renewed aggressive buying. Investors should use filtered data as a way of tracking accurate actual market behavior.
Moreover, distortions caused by exchange represent the importance of blockchain analytics. By eliminating operational wallet activity, analysts are able to evaluate the true trends of investors and the movements in the market. This way, decisions are made using correct and actionable data and not misleading accumulations of data.
Meanwhile, whale accumulation claims have been exaggerated, and the market remains bearish. Adjusted on-chain data shows falling whale balances coupled with long-term holder accumulation, pointing to a market in stabilization and not aggressive expansion. Accurate monitoring is still important for informed investment decisions in the current environment.
In conclusion, CryptoQuant data clearly shows whales are not aggressively buying Bitcoin. Furthermore, long-term holders are gradually accumulating, which supports market stability. Therefore, the overall structure remains largely unchanged.
Ultimately, Investors should continue monitoring filtered onchain metrics closely. This approach ensures decisions are based on accurate data rather than misleading whale narratives.
Source: https://www.livebitcoinnews.com/bitcoin-whale-buying-claims-overstated-onchain-data-shows/
