Whale-tracking analytics firm Rand Group claims large Bitcoin holders have aggressively accumulated during recent price declines, but CryptoQuant disputes the methodology, citing a data anomaly in the reported figures.
Rand Group pointed to historical patterns where whale accumulation preceded major Bitcoin rallies: 150,000 BTC purchased in March 2020 preceded an 18x gain, while 180,000 BTC acquired in November 2022 led to a 7x increase. The firm claimed whales bought 270,000 BTC over 30 days in July 2026 at approximately $59,000 per coin, despite market discussions about potential declines to $30,000.
CryptoQuant analysts rejected these figures as a data glitch. According to their on-chain analysis, whales have increased holdings from 2.88 million BTC to 3.09 million BTC since December 2025—representing 210,000 BTC accumulated over seven months. The firm noted modest acceleration in purchases below $60,000 in recent days, but characterized the trend as gradual rather than the dramatic spike Rand Group described.
The discrepancy underscores ongoing tensions in on-chain analytics reliability, as competing data interpretations shape market narratives around institutional and whale positioning during volatile periods.