Definition. This chart tracks the number of addresses in the Mega-Whale Cohort [Balance >10k BTC], defined by BTC coin balance, alongside its 30-day change and price. It can be used to observe and monitor macro trends of cohort growth or decline throughout market cycles. The traces are:

• 🟦 Address Count in Cohort (line)
• 🔴 30-day Change of Address Count in Cohort (columns)

Technical. The cohort count is taken directly from the balance-threshold address metric:

• Mega-Whale Address Count = Addresses(>= 10k BTC)
• 30-day Change = diff(Mega-Whale Address Count, 30)

Note that these are address counts and do not reflect the volume of supply held.

Interpretation. 💡 Mega-whale address counts are dominated by exchanges, large custodians, ETF products and other institutional-scale wallets, so this cohort is best read as a gauge of institutional and custodial structure rather than individual investor behavior. Jumps in the count frequently coincide with exchange cold-wallet reshuffles or custody migrations, while sustained trends can reflect genuine concentration or dispersion of the largest balances. Since only a few hundred addresses have ever held more than 10k BTC, individual wallet-management events move this chart visibly — always cross-check against supply-based measures before drawing conclusions about accumulation.

Notes. Built from Addresses with Balance ≥ 10k. The neighboring cohort is charted in Whale Address Count.