Definition. The Crab cohort generally describes retail sized investors by wealth, holding between 1 and 10 BTC, whom either have larger capital allocations, and/or have been accumulating over multiple years. Given Bitcoin's grassroots and retail dominated history, this cohort consists of many well informed, albeit retail sized investors (the HODLers). This chart presents the total balance held by the Crab cohort as a line trace 🟠, and the 30-day net position change of the Crab balance as columns 🟥, alongside price (grey).

Technical. The cohort balance is the entity-based supply distribution band from 1 to 10 BTC:

• Crab Balance = Supply held by entities with balance 1-10 BTC
• Net Position Change = Crab Balance - Crab Balance 30 days ago 🟥

Balances are measured per entity (clusters of addresses estimated to belong to the same participant), not per address.

Interpretation. Like the Shrimp, this cohort can be quite responsive during downwards price volatility, often experiencing a negative balance change during high volatility sell-off events. Overall, the Crab cohort has been a consistent long-term accumulator, so the most informative signal is usually the relative aggressiveness of accumulation — the size of the positive columns against their own history — rather than its direction.

Note: Entities will likely overlap with the Shrimp cohort (< 1 BTC) due to holders who exercise good privacy practices and UTXO coin control (i.e. do not combine and cluster their UTXOs, but acquire 0.1 BTC+ lots regularly).

Notes. For more information on Bitcoin supply distribution and the various wallet balance cohorts, see Dissecting Bitcoin's Supply Distribution. Built from the entity supply distribution metrics. Neighboring cohorts: Shrimp [< 1 BTC], Fish [10 to 100 BTC].