CryptoQuant: The signals from Bitcoin whales are actually the result of internal exchange operations

2026-01-04 01:23:43

Source: Yellow Original Title: CryptoQuant says Bitcoin whale accumulation signals were just exchange internal tasks

Original Link: https://yellow.com/es/news/cryptoquant-dice-que-las-señales-de-acumulación-de-Whales-de-Bitcoin-eran-solo-tareas-internas-de-los-exchanges Recent data shows that large investors have been aggressively accumulating Bitcoin (BTC), but this appears to be a misunderstanding of internal maintenance tasks within exchange wallets.

The head of research at CryptoQuant stated that obvious whale buying activity is mainly related to exchange activities. Cryptocurrency exchanges typically consolidate funds from multiple small deposit addresses into fewer large cold wallets on a regular basis.

These technical transfers may mimic the footprints of large investors’ purchases, creating false signals for market trackers.

What’s happening

After filtering out internal exchange transfers, researchers found a bearish trend among true large holders.

Whales holding over 1,000 Bitcoin were net sellers throughout December 2025.

Mid-sized wallets (holding 100-1,000 Bitcoin) also collectively recorded a decline in holdings.

Distribution activity coincided with Bitcoin’s volatility during December.

Bitcoin dropped from a high near $94,000 to a low of about $84,000 that month.

US Bitcoin spot ETFs continued to see outflows totaling $4.57 billion from November to December.

Why this matters

This misconception illustrates how exchange operational activities can distort on-chain analysis and deceive investors about market sentiment.

Historically, whale activity has played an outsized role in Bitcoin price movements and volatility.

When filtering out exchange-related distortions, large holders are distributing Bitcoin rather than accumulating it.

According to the report, long-term holders have become net accumulators over the past 30 days following a significant sell-off event.

This shift indicates that certain parts of the market may be stabilizing, even as whales continue to distribute.

Distinguishing genuine investor behavior from internal exchange tasks remains crucial for accurate market analysis.

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