Due to Twitter's restrictions on the number of images and consideration for my friends' reading experience, I often make deletions to the displayed data. But since it's about the so-called 'old whale dispersing chips', let me add a set of data: During the two days of September 27th to September 28th, entities with a balance of over 100k suddenly experienced a significant decrease in their balance, with more than 40000 coins per day and over 20000 coins per day, all held for a period of 1-2 years (Figure 1 and Figure 2). Do you think this is consistent with the behavior of 'the old whale suddenly distributing chips to new investors'? I don't think it looks very similar. The behavior is concentrated, massive, and the coin age is consistent, which conforms to the characteristics of "the same batch of chips for a single holder". This is more like sorting and transferring in the same batch of cold wallets. I feed all entity caliber data to AI and compare it with ETF, treasury, and exchange balance data to determine a rough group profile. The conclusion drawn is that the cold wallet characteristics of entities with a value greater than 100k highly overlap with ETFs, custodians, and top exchanges. Actually, what I wrote in the original text was: Where might the decrease in exchange balance have gone. If the physical caliber is also included, it does not necessarily lead to the conclusion of 'old whales sent to new buyers', especially in the paragraphs 9/21-10/6. So, I still maintain the original viewpoint that 1k-10k is the group closest to real whales, or rather, this type belongs to on chain self managed allocation funds. And the chips are currently shifting towards this group. Compared to pouring more chips into the exchange, which leads to an increase in the exchange balance, increasing holdings of allocation funds is definitely beneficial for the long-term trend of BTC, but the short-term impact may not necessarily nail BTC to 83K. --------------------------------------- I highly appreciate the meticulous and rigorous attitude of the blogger mentioned by Brother Paul, who reviewed and compared the data in detail after reading my tweet. But when I clicked on it, I was surprised to find out why the blogger was blacklisted? I usually pay attention to bloggers who are so serious at the first time. Did I accidentally delete it by sliding my hand? With strong curiosity, I asked Grok to check the previous records, and seeing the results, I felt relieved (Figure 4). I welcome rigorous and thorough communication and discussion, even if opinions and viewpoints differ. But for inappropriate and unfriendly comments, I will block them to avoid affecting my sharing mood. After all, if the paths are different and there is no strategy, forget about the world of rivers and lakes.