A Bitquery study published on October 22 found that only 26% of the $752.5 million in gains attributed to 3,170 wallet positions with returns of at least $100,000 met the criteria for conventional trading. Some 51% of the gains involved tokens received through transfers rather than market purchases, while 13% showed signs of coordinated trading and 10% could not be conclusively classified. In August, sales of transferred tokens accounted for seven out of every ten large wallet wins, preventing copy-trading bots from replicating the necessary purchases. Bitquery did not measure copy traders’ actual returns: 15 of the 25 largest gains met the criteria for wash trading, while a SOULGUY position worth $3.3 million required 3,632 trades that would be difficult to replicate.
Source: Read the original article
