According to @Andre_Dragosch, the recent spike in the 1k–10k BTC whale cohort likely reflects coins shifting into newly created, unlabeled wallets that later get tagged as exchanges, ETFs, or BTCTCs; source: @Andre_Dragosch on X, Nov 17, 2025. According to @Andre_Dragosch, it is unlikely that roughly 100 new whales suddenly emerged, with structural revisions instead indicating growing capital consolidation beneath the surface that remains constructive for market structure and liquidity; source: @Andre_Dragosch on X, Nov 17, 2025. According to @Andre_Dragosch, traders should diagnose whale metrics carefully and account for address relabeling tied to exchanges and ETFs when interpreting accumulation and flow signals; source: @Andre_Dragosch on X, Nov 17, 2025. According to @Andre_Dragosch, additional insights are credited to @UkuriaOC; source: @Andre_Dragosch on X, Nov 17, 2025.