Bitcoin whales are not accumulating large quantities of the cryptocurrency, according to CryptoQuant analyst Julio Moreno. Despite appearances, data influenced by exchanges suggests significant whale accumulation due to large Bitcoin concentrations in a few addresses. However, when excluding exchange addresses, CryptoQuant data reveals a decline in whale balances. Addresses holding between 100 and 1000 Bitcoins, often associated with ETFs, also show a similar downward trend.