2026-01-03 09:21:12

The market has recently been hyping up the story of whales疯狂扫货 Bitcoin, but CryptoQuant Research Director Julio Moreno directly revealed the truth on January 3rd—this is actually a collective misinterpretation.

The so-called whale accumulation signals are fundamentally based on a trick used by exchanges: consolidating scattered large holdings into a few major addresses, creating the illusion that whales are hoarding aggressively. In reality, once exchange addresses are excluded, whale Bitcoin balances not only fail to increase but actually shrink. Even addresses holding between 100 and 1000 BTC (including ETF holdings) do not show the expected increase in balances.

More sobering data: the real demand for Bitcoin is tightening month by month, and the annual growth rate is clearly slowing down, approaching negative territory.

Julio’s sharp insight points out a common misconception in the crypto world—too many people habitually use price fluctuations to define bull and bear cycles, but what should be watched is real demand. He even said that if Bitcoin appears increasingly "undervalued" under a certain valuation framework, the problem isn’t market sluggishness, but that the model itself needs updating.

This analysis indeed pours cold water on the recent hype around the "whale行情." Everyone in the crypto space should thoroughly understand the supply and demand relationship and not let data illusions lead them by the nose.

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DaoTherapy

· 5h ago

Still making up stories? Turning exchange data tricks into whale signals, haha --- Honestly, I've seen this trick too many times in the crypto world. The real demand shrinkage is the core issue --- Reversing supply and demand has completely collapsed the entire narrative, and the market is still dreaming --- The statement that the model needs updating hits hard. How many people are still using outdated frameworks for predictions? --- Whether whales buy or not isn't really the key; demand is the vital factor --- Once again, data illusions have deceived us. When will the crypto circle wake up? --- Julio's move instantly turned many hot topics into the "Autumn Mountain Car God" --- This move by the exchange is truly brilliant, playing retail investors like a fiddle --- Negative demand—this is what should be causing panic

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gas_fee_therapy

· 01-03 19:53

Another wave of collective delusion, tired of hearing whale stories Once again fooled by the exchange's routine trick, truly incredible Real demand is even declining, yet they still talk about giant whales sweeping in, hilarious So these past six months have all been false signals? I’ve wasted so much time calculating for nothing Let the data speak, no more storytelling, everyone Julio has now finally pierced the window paper, it's time to reflect Demand side is the real key; price fluctuations are all虚的 This is the analysis I want to hear, stop feeding me public opinion The model should have been upgraded long ago, what are we waiting for? Really caught up in these whale signals before, now it feels quite awkward

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CryptoPhoenix

· 01-03 09:51

Another day of getting chopped for the little guys, turns out it's all just a show by the exchanges [Laughing with tears] Wait, does this mean demand is shrinking? Then where is our confidence in our beliefs? The truth is always more heartbreaking than the story, wake up everyone Bear markets are like this, illusions come one after another, you need to learn to see through them Oh my, I thought the whales really arrived, turns out it's all a data game This is the real issue that the crypto world should reflect on, stop being swayed by emotions The prerequisite for rebirth through Nirvana is to first recognize what reality looks like

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AlwaysMissingTops

· 01-03 09:50

It's another story of whales eating whales. I told you the data is just too outrageous. The exchange's move is really clever, merging addresses to create illusions, causing retail investors to follow the trend and buy buy buy. The most heartbreaking thing is the shrinking demand; prices can't fool people anymore. Stop obsessing over K-line charts all day. Looking at real liquidity is more reliable.

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SelfCustodyIssues

· 01-03 09:49

Here comes the story of cutting leeks again, this time from a different angle to mock us Getting trapped again is true, the exchange's moves are really clever The data speaks loudly, with demand negative growth, who still dares to hoard After some thought, this logic makes sense, we've been watching the price show The model should be updated, that's so true Blame ourselves for greed, insisting on believing the whale's story Illusions, no matter how beautiful, are still illusions; it's time to wake up Now it's better, re-evaluating our holdings Real demand is king, everything else is noise People love self-deception, especially in the crypto world Data slapping in the face hurts more than anything

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ConsensusDissenter

· 01-03 09:41

It's the exchange playing the number game again, and the retail investors are still happily being scammed. --- Julio is right; we've been staring at K-line charts all day, but the actual demand has already shifted. --- Now the truth is clear: the whales are not bottom-fishing at all; instead, they are offloading. --- So genuine demand is the key; don't be fooled by these false signals. --- Using outdated models is no wonder you're always missing out; it's laughable. --- Alright, here comes another wave of self-deceptive market narratives. --- A cold splash of water is good; it's better than getting cut by fake market moves. --- The demand tightening issue should have been exposed long ago. --- This trick that exchanges play, they use it every bull market cycle. --- Will price fluctuations determine the cycle? Wake up, everyone; you need to see real money.

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0xSleepDeprived

· 01-03 09:23

It's that time of year again—"Whales Hoarding Coins" magical show, and luckily someone exposed it. Let me guess, next week there will be a new story. Data can be deceptive, but genuine demand cannot. This move by the exchange can consolidate retail investors' money into "whales," perfectly. Year-over-year growth is turning negative, and that's what truly deserves attention. Once again, the price trend is leading the rhythm; we're a bit too naive. Without genuine demand as a foundation, no amount of "undervaluation" theories can stand. When a model becomes outdated, it should be cut, but how many people are really willing to admit it?

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