{"id":66187,"date":"2026-01-03T19:31:36","date_gmt":"2026-01-03T19:31:36","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=66187"},"modified":"2026-01-03T19:31:36","modified_gmt":"2026-01-03T19:31:36","slug":"are-bitcoin-whales-really-back-in-the-market-cryptoquant-researcher-says-no","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=66187","title":{"rendered":"Are Bitcoin Whales Really Back In The Market? CryptoQuant Researcher Says No"},"content":{"rendered":"
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The price of Bitcoin has made a solid start to the new year, jumping above the $90,000 mark on Friday, January 2nd. While this newly-found momentum<\/a> could have been triggered by a plethora of factors, an on-chain expert has pointed out that whale activity is not one of them.<\/p>\n

Look Closer: BTC Whale Holdings Actually In Decline<\/strong><\/h2>\n

In a recent post on the social media platform X, CryptoQuant\u2019s head of research Julio Moreno argued<\/a> that the largest Bitcoin investors are not back buying enormous amounts of BTC. This conclusion is based on the Total Whale Holdings and Monthly % Change and Total Dolphin Holdings and Monthly % Change chart.<\/p>\n

As the name suggests, the Total Whale Holdings and Monthly % Change chart shows the total balance of addresses with more than 1,000 coins and how it has changed in the past month. Meanwhile, the Total Dolphin Holdings and Monthly % Change chart depicts the change in the balance of investors with between 100 and 1,000 BTC (capturing exchange-traded fund holdings).<\/p>\n

What\u2019s more peculiar is that the Total Whale (and Dolphin) Holdings and Monthly % Change excludes exchange wallet addresses. According to Moreno, the majority of Bitcoin whale data has been skewed by exchanges consolidating a lot of their holdings into fewer addresses with larger balances, explaining why whales seem to be in a reaccumulation phase recently.<\/p>\n

Interestingly, the data is indeed skewed, as upon removing all exchange addresses\u2019 data, the total Bitcoin whale balances shows a decline rather than an ascent. The same trend can be seen in the lower Total Dolphin Holdings and Monthly % Change chart in the image below.<\/p>\n

\"Bitcoin\"<\/p>\n

This shrinking balances of Bitcoin whales tells a story of waning demand in the market, sending signals of the start of a bear market. As seen in past cycles, the lack of apparent demand growth<\/a> is the most telltale sign of impending correction phase for the Bitcoin price.<\/p>\n

As of this writing, the price of BTC stands at around $90,320, reflecting an over 2% leap in the past 24 hours.<\/p>\n

Spot Bitcoin ETFs Suffering Historic Losses<\/strong><\/h2>\n

Since its trading debut, the US Bitcoin ETF market has been an excellent way to judge investor demand in the cryptocurrency market. However, market data hasn\u2019t been telling a pretty story for the flagship cryptocurrency in recent weeks.<\/p>\n

For context, the largest Bitcoin ETF<\/a>, BlackRock\u2019s IBIT, posted roughly $244 million in net outflows last week, marking its 2nd-consecutive weekly withdrawal. The fund has now witnessed net withdrawals in 8 of the last 10 weeks, with a total of just 20 weekly outflows since its launch two years ago.<\/p>\n

According to recent data, crypto funds registered approximately $446 million in net outflows last week, marking the sixth week of withdrawal over the last nine weeks.<\/p>\n

\"Bitcoin\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has made a solid start to the new year, jumping above the $90,000 mark on Friday, January 2nd. While this newly-found momentum could have been triggered by a plethora of factors, an on-chain expert has pointed out that whale activity is not one of them. Look Closer: BTC Whale Holdings Actually […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-66187","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/66187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66187"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/66187\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}