CryptoQuant CEO says Coinbase wallet consolidation model affects on chain data analysis

CryptoQuant CEO Ki Young Ju stated in an article on the X platform that Coinbase often disrupts wallets to protect privacy and mixes exchange and custodial account balances as AOP (Account Balance), making it difficult to distinguish exchange reserves from custodial reserves and increasing the difficulty of on chain data analysis. CryptoQuant has adjusted its clustering logic through reverse engineering to only label wallets that are 100% certain to belong to Coinbase, in order to track the flow of Bitcoin. Ki Young Ju pointed out that some platforms display higher reserve figures, but this does not necessarily mean higher accuracy.