The narrative doesn't quite hold up here. When you dig into the wallet addresses, it becomes clear that a significant portion of these holdings are traceable back to major exchange funding sources. For an American participant specifically, having 10% of their portfolio connected to institutional exchange infrastructure is actually quite substantial—that's a meaningful chunk of capital we're talking about. This kind of on-chain transparency is what makes it possible to spot these patterns in the first place. Whether it indicates accumulation, risk management, or strategic positioning is worth observing as these wallet movements continue to unfold.