CryptoQuant analysis shows on-chain signals that looked like large Bitcoin accumulation were primarily exchange-internal transfers (exchanges consolidating to cold wallets). After filtering those movements, true whales (>1,000 BTC) and mid-tier “dolphins” were net sellers in December, with combined balances falling from ~3.2M BTC to just under 2.9M before partially rebounding to ~3.1M. Mid-sized wallets (100–1,000 BTC) also declined to ~4.7M BTC. Glassnode data corroborated a late-December shift to negative monthly netflows, ending a two-year inflow streak, while long-term holders increased loss realization. The shift coincided with Bitcoin’s correction from $94,297 to $84,581.

CryptoQuant reported that apparent accumulation signals were exchange internal transfers (consolidation to cold wallets). After excluding exchange movements, whales (>1,000 BTC) and dolphins were net sellers in December with combined balances falling from ~3.2M BTC to <2.9M BTC (partial rebound to ~3.1M). Glassnode showed a late-December move to negative monthly netflows, ending a two-year inflow streak, and long-term holders were locking in losses. These on-chain outflows coincided with a price drop from $94,297 to $84,581.