[CryptoQuant Analyst Says Bitcoin Whale Balances Decline, No Significant Buying Activity] CryptoQuant analyst Julio Moreno stated that Bitcoin whales have not been significantly buying assets recently. Data shows that most whale-related figures are influenced by exchanges, as exchanges concentrate large amounts of Bitcoin into a few addresses, causing the balances of these addresses to increase, which superficially appears as if whales are accumulating. Data from CryptoQuant, excluding exchange addresses, indicates that whale balances are actually on a downward trend. Additionally, addresses holding 100 to 1,000 Bitcoins also show a similar downward trend, and these addresses are primarily associated with ETF holdings.