Aren't the biggest addresses all cold storage for exchanges, funds, etc? Those coins are not owned by a single "whale", they belong to thousands of users and in

Aren't the biggest addresses all cold storage for exchanges, funds, etc? Those coins are not owned by a single "whale", they belong to thousands of users and investors of the exchanges and funds. It is misleading to look at a single address and assume that a single person owns every coin in it.