I added a new set of comparison data to make things clearer. The purple line represents all addresses holding more than 1,000 Bitcoin. You can clearly see that over the past year, all the way until October 2024—when BTC's price was still over $110,000—the holdings were consistently declining. But starting from November last year up until now, these holdings have been slowly increasing. In contrast, the yellow line shows the BTC reserves across all exchanges. During the same period, whales holding over 1,000 BTC reduced their holdings by 440,000 BTC, while exchanges also saw a decrease of over 150,000 BTC. This means the actual reduction by whales was less than 300,000 BTC. Meanwhile, the green line represents addresses holding between 100 and 1,000 BTC, which increased by 600,000 BTC. Currently, the total BTC held in this range is 5,168,926 BTC.