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).
What’s 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.
Interestingly, the data is indeed skewed, as upon removing all exchange addresses’ 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.
As of this writing, the price of BTC stands at around $90,320, reflecting an over 2% leap in the past 24 hours.
Spot Bitcoin ETFs Suffering Historic LossesSince 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’t been telling a pretty story for the flagship cryptocurrency in recent weeks.
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.
