2026-01-03 01:24:01

A recent report from an on-chain analysis firm has attracted a lot of attention. They pointed out that the so-called whales hoarding大量比特币 (a large amount of Bitcoin) are not actually as疯狂 (crazy) as it seems. What is the truth? Exchanges are playing a trick—their strategy is to集中 (concentrate)大量比特币 into a few addresses, creating the illusion that whales are疯狂买买买 (buying crazily).

But peeling back this layer, the actual situation is completely reversed. Excluding exchange addresses, the true whale余额 (balance) is actually持续下滑 (continuing to decline). Not only top whales are撤退 (retreating), but even中等规模的持币者 (medium-sized holders) are moving out. Especially interesting is that addresses holding 100 to 1000枚比特币 (Bitcoin) also show a declining trend. The Bitcoin in these addresses is mainly held in ETF形式 (form).

In other words, what is happening in the market is:大户 (large holders) are逐步减持 (gradually reducing holdings), and institutionalized positions are replacing个人囤积 (individual hoarding). This signal is still值得琢磨 (worth pondering).

BTC0.72%

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JustAnotherWallet

· 6h ago

Wait, does this mean the exchange is creating fake data? So all those whale signals we saw before are basically invalid... So now institutional investors are taking over while retail investors are fleeing? It feels like a reversal. The big players are cashing out, while small investors are still holding on tightly... It's a bit hard to put into words. Institutionalized holdings replacing individual accumulation—sounds like our group of retail investors are about to be eaten? That's why there haven't been many whale movements recently; it turns out they've all moved to the exchanges.

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Layer2Observer

· 6h ago

Wait, I need to review this logic again. Centralized exchange addresses = illusion, and after excluding them, the price drops? Doesn't that indicate that actual holdings are actually flowing out? The part about institutions replacing individuals is indeed worth examining, but does ETF holdings count as genuine "ownership"? Further verification is needed. How is the data obtained, and can it be traced back?

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FOMOmonster

· 6h ago

Wow, the exchange's tricks are really slick. Once the data is sorted out, everything reveals its true form. Wait, ETF replacing individual accumulation? What does that mean, are institutions taking over retail panic selling? The real whales are running, fake whales are bouncing around on stage. This market is quite interesting. So now the institutions are quietly building positions? Or has it really peaked, and the big players are all dumping? This is outrageous. Previously, following the big whales' movements was all an illusion.

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GateUser-cff9c776

· 6h ago

Oh no, so the whales are actually running away, and institutions are secretly taking over. I've seen this script before. Wait, this exchange address condensation trick is basically just a pie-in-the-sky story. The true holders have already started to withdraw. From the supply and demand curve, this is a classic power transfer. The era of individual accumulation is ending, and the institutionalized era is beginning. Quite interesting. Addresses holding between 100 to 1,000 Bitcoins are moving. What does this indicate? The middle class is being harvested, everyone. Schrödinger's whale — both accumulating and reducing holdings at the same time, until you look at the on-chain data. Honestly, when I saw this signal, my first reaction was: Are institutions just now starting big moves? How long have they been planning this? Don’t be fooled by the magic of exchanges; the real story is with ETFs. Isn’t this just an irony of the Web3 decentralization spirit — increasingly centralized holding structures.

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GateUser-beba108d

· 6h ago

Wait, so the real whales are actually running? Can I still buy the dip now?

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MEVSandwichVictim

· 7h ago

Wait, so whales are actually running? Institutions are accumulating? This plot twist is pretty intense. --- It's another trick from the exchanges; I really didn't see this coming. --- So the narrative of the crypto world being wiped out again? Institutions are taking over while individuals are fleeing, same old story. --- The real whales are reducing their positions; what are we still shouting about getting in for? LOL. --- The idea of replacing coin hoarding with ETFs feels like the market's nature is quietly changing. --- Exchange black-box operations, no wonder the data has always been opaque. WC. --- Big players should run if they want to, and the later entrants, good luck to you, haha.

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