According to Santiment, the amount of BTC held by whales has been dropping over the last 11 months due to rising inflation. The addresses holding 100 to 10,000 BTC have lowered their percentage of supply held of BTC to a 29-month low. Moreover, the last time whales held onto such a low amount of BTC was in April 2020, during a major sell-off triggered by the COVID-19 pandemic.