Sometimes looking at this kind of data really makes people angry. It's not that the data is wrong; the data is correct. Indeed, the holdings of #BTC in the range of 1,000 to 10,000 have decreased over the past year. But this does not mean that the largest buyers in the market have turned into sellers.

This is absolutely incorrect, because within this range there could be institutional accounts, exchange accounts, custodial accounts, or even wallet reorganizations by exchanges. More should be viewed from a higher dimension.

For example, in the chart I used, the yellow line represents Bitcoin addresses holding between 1,000 and 10,000 coins, which is decreasing. However, the blue line represents BTC holdings between 10,000 and 100,000 coins, and this portion of addresses has seen an increase in holdings over the past year.

Additionally, the largest holdings are represented by the green line, which shows addresses holding between 100 and 1,000 BTC. This portion's holdings have been steadily increasing. Therefore, looking at just one line and concluding that it’s the whales selling off is simply being mischievous!

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