Analysis by Glassnode analysts has indicated that the aggregate balance of Bitcoins owned by whales (amounting to 1,000 BTC), excluding exchange wallets, has dropped by 255,000 BTC since May 30.
The monthly rate of decline of this metric (148,000 BTC) is the greatest seen in history. However, when account is taken of transactions involving exchanges, the net contraction of large market participants decreases to only 8,700 BTC.
It becomes apparent that the whales are shuffling their coins around. The surge in bitcoin from whales to centralized platforms (16,300 BTC per day) during the recent rally has also resulted in 41% of whale deposits on exchanges, exceeding the values at the time of the Terra and FTX collapses (39% and 33%, respectively).
As a result, the net flows to exchanges for whales hit 5,000 BTC per day, while the aggregate metric for all participants fell to -250 BTC per day.
