Speculation that Bitcoin whales are reaccumulating is overblown, as onchain data shows large holders are actually distributing rather than accumulating. Exchange-related activity distorts the narrative, with many large wallets misclassified as whale accumulation. This trend is significant as whales influence market dynamics, especially with the rise of US spot Bitcoin ETFs holding 1.3 million BTC.

Long-term holders of Bitcoin are turning to accumulation, as recent data shows net accumulation by this cohort. This shift comes after the largest selling event by long-term holders since 2019. This trend could help alleviate selling pressure on Bitcoin in the near term, although price recovery has not yet materialized, with Bitcoin trading above $90,000.

Read more at Cointelegraph: Bitcoin Whale Accumulation Overstated as Long-Term Holders Begin Buying