CryptoQuant Research Director: Market Misinterprets Whale Behavior, Bitcoin's Real Demand Slows and Approaches Negative Territory

Odaily News CryptoQuant Research Director Julio Moreno posted on X, stating that whales are not buying Bitcoin in large quantities, and most Bitcoin whale data is inaccurate. This is because some exchanges consolidate large holdings into a few addresses with larger balances, which is why the market mistakenly believes whales are accumulating Bitcoin. If all exchange addresses are excluded, it can be seen that whale Bitcoin balances are actually declining. The same situation applies to addresses holding 100 to 1,000 Bitcoins, which include ETF holdings. Julio Moreno believes that most people focus on price performance to define cycles, but they should focus on real demand. Bitcoin's real demand is contracting on a monthly basis, slowing significantly on an annual basis, and is entering negative territory. If Bitcoin's valuation relative to a certain model becomes increasingly undervalued over time, then it is the model itself that needs updating.