According to @CoinMarketCap, CryptoQuant research head Julio Moreno said reports of BTC whale accumulation are overstated because exchange wallet consolidation skews on-chain metrics and can create a false impression of large buying, source: CryptoQuant via @CoinMarketCap. For trading, this CryptoQuant finding means whale-accumulation spikes on-chain should be treated as low-conviction signals unless corroborated by independent data such as exchange reserves or netflows, source: CryptoQuant.