According to BlockBeats, on October 2, CryptoQuant founder Ki Young Ju posted on social media that the current market volatility is just a game in the futures market. The real whales are driving BTC up through spot trading and OTC markets. Therefore, on-chain data is crucial. Diamond hand whales have not received particularly high returns, and whales that entered the recent bull market have made almost no profit. Before the liquidity of retail investors begins to flow in, they are unlikely to sell on the trading platform.

In addition, new whale addresses are hoarding BTC at an almost crazy rate, and the BTC market has never seen such hoarding behavior. Some people believe that new whales are mainly caused by ETF inflows, but recent hoarding behavior shows that these new whale addresses have little correlation with ETFs.