CryptoQuant took action to dispel doubts about Tether's Bitcoin ownership. In Tether's quarterly report, it was stated that there was $ 1.6 billion worth of Bitcoin, which made Tether one of the largest Bitcoin holders. However, a review of Tether's Bitcoin wallet showed inconsistencies with the official statements. Against these uncertainties, CryptoQuant argues that Tether may have other Bitcoin wallets as well. It also draws attention to the limitations of the term "whale" when analyzing the behavior of crypto whales. Recently, it has been seen that movements between 1,000 and 10,000 Bitcoins have increased and stock market withdrawals have increased. While on-chain data is a powerful tool, assets classified as "whales" need to be properly categorized.