CryptoQuant CEO Ki Young Ju posted on the X platform, seemingly expressing dissatisfaction with Coinbase's wallet organization model. He stated that Coinbase frequently shuffles wallets in the name of privacy protection. Furthermore, Coinbase's published AOP (Account Balance) mixes exchange and custodian account balances, making it difficult to accurately distinguish between pure exchange reserves and custodian reserves, thus raising the barrier to on-chain data analysis. CryptoQuant reverse-engineered these recent changes and adjusted its custom clustering logic to track and capture most real-time Bitcoin inflows/outflows. Currently, their platform only labels wallets 100% certain to belong to Coinbase (to avoid false positives). Some platforms may display higher reserve figures, but this does not necessarily indicate higher accuracy.