This statement is actually not accurate, although it is very provocative. Because we cannot simply judge that holding 100 to 1,000 Bitcoins must be a whale; it could also be an exchange, an ETF institution, or a custody institution. And is it true that holding more than 1,000 BTC does not count as a whale?

So for the purchases by whales, my personal judgment is to first look at whether the overall inventory of exchanges is increasing or decreasing. After all, exchanges are the largest "whales." Indeed, from the data, the recent inventory of exchanges has been decreasing, and the inventory of spot ETFs has also been declining.

Therefore, we can make a preliminary judgment: if the inventory of high-net-worth investors is increasing, it is very likely that the holdings of real investors are rising. So how much has it increased?

I look at the changes in holdings among addresses holding more than 100 Bitcoins. In the past week, there has been an increase of about 8,000 Bitcoins, while the total inventory of exchanges has decreased by about 36,000 Bitcoins. If this portion of the inventory was bought by whales, then the upper limit should be 44,000 Bitcoins. The spot ETF increased by 3,124 this week, so in reality, the upper limit of whale accumulation might be around 41,000 BTC.

This is still an upper limit. Actual data may be lower than this value. Of course, an increase of 41,000 in a week is still impressive, and it definitely includes $MSTR.

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