Sometimes looking at this kind of data can be really frustrating. It’s not that the data is wrong—the data is correct. It’s true that BTC holdings in the range of 1,000 to 10,000 coins have decreased over the past year. But this doesn’t mean the market’s biggest buyers have turned into sellers. That’s absolutely incorrect, because this range could include institutional accounts, exchange accounts, custodial accounts, or even wallet reorganizations by exchanges. It’s more appropriate to analyze this from a higher-level perspective. For example, in the chart I’m using here, you can see the yellow line represents Bitcoin addresses holding between 1,000 and 10,000 coins, and it’s decreasing. But the blue line, which represents addresses holding between 10,000 and 100,000 BTC, shows that this range has increased 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 range has been steadily increasing. So if you only look at one line and conclude that whales are dumping, that’s just nonsense!