#Strategy加码BTC配置 Recently, the "whales疯狂 accumulation of Bitcoin" rumor circulating in the crypto circle seems to be a collective illusion.

On January 3rd, Julio Moreno, Head of Research at CryptoQuant, directly exposed the truth behind this phenomenon on social media: those signals indicating whales are increasing their holdings actually come from exchange "address aggregation" operations—consolidating scattered large holdings into a few super addresses, which creates the illusion of "whales sweeping the market."

Hard data is here. After removing exchange addresses, the Bitcoin balance held by whales has not increased; it has actually shrunk. Even addresses holding between 100 and 1000 BTC (including ETF positions) have not shown the expected market growth. In other words, the growth signals you see might just be exchange account restructuring.

What’s even more painful is the "real demand" data for Bitcoin: on a monthly basis, it is shrinking, and the annual growth rate is also slowing down, approaching negative territory.

Julio also pointed out the collective blind spot of the entire market: most people are mentally hijacked by price fluctuations, using them to define bull and bear cycles. But to truly see the direction clearly, one should focus on the real supply and demand relationship. His advice is straightforward: don’t cling to a valuation model; if Bitcoin appears increasingly "undervalued" within the model, the problem might not be in the market but in the model itself needing an update.

This statement is like pouring cold water on the currently hot "whale market." Participants in the crypto circle really need to clarify: is it the price speaking, or the supply and demand relationship speaking? $BTC