CryptoQuant Research Head: Market Misjudgments Whale Behavior; Real Bitcoin Demand Slows and Approaches Negative Territory
TL;DR
CryptoQuant's research head clarifies that whales are not accumulating Bitcoin; exchange address consolidation misleads market data. Real Bitcoin demand is declining monthly and approaching negative territory, suggesting a need to reassess valuation models.
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According to Odaily Odaily, Julio Moreno, Head of Research at CryptoQuant, stated in an article on the X platform that whale are not buying large amounts of Bitcoin. Most Bitcoin whale data is inaccurate because some exchanges consolidate large holdings into a few addresses with larger balances. This is why the market mistakenly believes whale are accumulating Bitcoin. If all exchange addresses are removed, it becomes clear that whale' Bitcoin balances are actually decreasing. The same applies to addresses holding 100 to 1000 Bitcoins, including ETF holdings. Moreno believes that most people focus on price performance to define cycles, but they should be focusing on real demand. Real demand for Bitcoin is contracting monthly and slowing significantly year-over-year, and is entering negative territory. If Bitcoin's valuation relative to a particular model becomes increasingly undervalued over time, then that model itself needs updating.