The Bitcoin Whale Comeback Story May Be Overblown, Onchain Data Shows
According to onchain data from CryptoQuant, claims that big holders are massively reaccumulating Bitcoin are exaggerated. The numbers that many share on social media can be distorted by exchange moves, not fresh buying. That distortion matters because large transfers tied to exchanges can look like one entity is piling in, when the action is often internal bookkeeping.
Price Action Shows Mixed Signals
Bitcoin has been hovering around the $90,000 area during thin holiday trading. At the time of reporting, the price was about $89,750 Saturday, with 24-hour volume near $52 billion.
The token sits roughly 2.8% below a recent day high of $90,250 and carries a market capitalization of about $1.75 trillion based on a circulating supply close to 20 million BTC. Trading has seen sharp moves up and down, but volume has been weak, which means moves lack the support needed for a clear breakout or breakdown.
Market Moves Hinge On ETF Flows
Since US spot Bitcoin ETFs became active in early 2024, the ownership picture has changed. ETFs now hold a large share of on- and off-chain demand, which can shift where Bitcoin is stored and how flows appear 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
Taken together, the evidence points to consolidation more than a new bull run or a major crash. Claims of a massive whale reaccumulation wave were overblown because they did not account for exchange consolidation.
Yet the story is not one-sided. Long-term holders have shown buying interest, even as large non-exchange addresses continue to shed some holdings. Future price direction will likely depend on whether ETF flows return in size and whether trading volume picks up enough to confirm any move.
Featured image from Unsplash, chart from TradingView
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