WALLETS OVER 100 COINS ADDED 60,000 BITCOIN IN AUGUST WHILE SMALLER WALLETS SOLD 47,000 — THE CHAIN SHOWS THE COINS MOVED — IT DOES NOT SHOW WHO MOVED THEM
CryptoQuant's read on August: wallets holding more than 100 bitcoin added about 60,000 coins, roughly $4.7 billion at the month's prices. Over the same thirty days, wallets holding 1 to 100 coins sold about 33,000, and wallets under 1 coin sold about 14,000. Their analyst Woo Minkyu notes the buying picked up after price broke through $62,000 to $65,000 on August 19, which is a polite way of saying the big wallets did not call the bottom. They waited until it was behind them.
Now the part that belongs in every story shaped like this one. What the chain actually publishes is that coins moved between addresses. Everything after that is inference. “Wallets over 100 BTC” is a bucket somebody drew. An exchange shifting its own cold storage looks like a whale. One person with forty addresses looks like forty small holders. A custodian rebalancing for ten thousand clients looks like a single enormous buyer. The step that turns addresses into “holders” is a model that guesses which addresses share an owner, and that model belongs to a company that sells data.
That is not a reason to throw the number away. It is a reason to hold it loosely and to say out loud who is selling the conclusion. CryptoQuant sells analytics. This is the product working exactly as designed. Worth noting too that every other version of this figure circulating today traces back to one write-up. One origin, many reprints.
The honest version is short. In August, coins moved out of many addresses and into fewer, larger ones, and the price rose while it happened. The first half you can check yourself, tonight, on a node in your own house. The second half is a story somebody told about it. Technologist.
Now the part that belongs in every story shaped like this one. What the chain actually publishes is that coins moved between addresses. Everything after that is inference. “Wallets over 100 BTC” is a bucket somebody drew. An exchange shifting its own cold storage looks like a whale. One person with forty addresses looks like forty small holders. A custodian rebalancing for ten thousand clients looks like a single enormous buyer. The step that turns addresses into “holders” is a model that guesses which addresses share an owner, and that model belongs to a company that sells data.
That is not a reason to throw the number away. It is a reason to hold it loosely and to say out loud who is selling the conclusion. CryptoQuant sells analytics. This is the product working exactly as designed. Worth noting too that every other version of this figure circulating today traces back to one write-up. One origin, many reprints.
The honest version is short. In August, coins moved out of many addresses and into fewer, larger ones, and the price rose while it happened. The first half you can check yourself, tonight, on a node in your own house. The second half is a story somebody told about it. Technologist.
BITCOIN.COM · Wed Sep 2 · 6:30 AM ET · data: CryptoQuant, analyst Woo Minkyu · + THE BLOCK Aug 5 on the same firm's earlier whale call