CryptoQuant Research Head: Market Misjudgments Whale Behavior; Real Bitcoin Demand Slows and Approaches Negative Territory

Julio Moreno, Head of Research at CryptoQuant, stated in an article on the X platform that whales are not buying large amounts of Bitcoin, and 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 that whales are accumulating Bitcoin. If all exchange addresses are removed, it will be found that whales' Bitcoin balances are actually decreasing. The same applies to addresses holding 100 to 1000 Bitcoins, including ETF holdings. Julio Moreno believes that most people focus on price performance to define cycles, but they should focus on real demand. Real demand for Bitcoin is contracting monthly and slowing significantly yearly, and is entering negative territory. If Bitcoin's valuation relative to a certain model becomes increasingly undervalued over time, then the model itself needs to be updated.