Definition. This chart provides an overview of the number of addresses which fall into the Fish Cohort (10-100 BTC), defined by BTC coin balance. It displays three traces: the address count in the cohort 🟧, the 30-day change of the address count in the cohort 🔵 (columns), and price (black). It can be used to observe and monitor macro trends of cohort growth or decline throughout market cycles.

Technical. The cohort count is constructed as the difference between two balance-threshold address counts:

• Fish Address Count = Addresses with Balance >= 10 BTC - Addresses with Balance >= 100 BTC 🟧
• 30-day Change = diff(Fish Address Count, 30) 🔵

It is important to note that these metrics are address counts, and do not reflect the volume of supply held.

Interpretation. Growth of the cohort indicates addresses entering this balance band — either newly funded wallets, or existing wallets whose balance has crossed a threshold — while decline indicates balances being consolidated, spent, or moved across the band's boundaries. The 30-day change columns make accumulation and distribution phases within this wealth band visible at a glance: sustained positive prints are characteristic of broadening participation at this size, while sustained negative prints accompany consolidation or capitulation. Because a single entity can control many addresses (and exchanges or custodians aggregate many users into few addresses), cohort counts are best read as macro trend gauges rather than precise population counts.

Notes. Built from Min10Count and Min100Count. Neighboring cohorts: Crab Address Count and Shark Address Count.