Definition. This chart tracks the number of addresses in the Whale Cohort [Balance 1k–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 derived from balance-threshold address metrics:

• Whale Address Count = Addresses(>= 1k BTC) - Addresses(>= 10k BTC)
• 30-day Change = diff(Whale Address Count, 30)

Addresses above 10k BTC are covered separately by the Mega-Whale cohort. Note that these are address counts and do not reflect the volume of supply held.

Interpretation. 💡 Whale address counts include addresses held by exchanges, large custodians, ETF products etc., so changes in this cohort often reflect internal wallet management — exchange cluster reshuffles, custody migrations, or ETF inflows — rather than individual investor behavior alone. With that caveat, sustained growth in whale addresses has historically accompanied phases of large-holder and institutional accumulation, while declines can signal distribution or consolidation of balances into fewer, larger wallets. Because the cohort is small, single entities splitting or merging wallets can move the count visibly; confirming against supply-held measures is advisable.

Notes. Built from Addresses with Balance ≥ 1k and Addresses with Balance ≥ 10k. Neighboring cohorts: Shark and Mega-Whale.