Definition. The Fish cohort covers higher-net worth individuals, trading desks, and institutional sized entities holding between 10 and 100 BTC. This chart presents the total balance held by the Fish cohort as a line trace 🟠, and the 30-day net position change of the Fish balance as columns 🟦, alongside price (grey). This particular cohort is considered a component of the larger Fish to Shark cohort with 10 to 1k BTC, which is a result of several nuances related to how these entities came to possess, and also manage their holdings.

Technical. The cohort balance is the entity-based supply distribution band from 10 to 100 BTC:

• Fish Balance = Supply held by entities with balance 10-100 BTC
• Net Position Change = Fish Balance - Fish Balance 30 days ago 🟦

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

Interpretation. This cohort accounts for:

• Early Bitcoin adopters who acquired many coins at significantly cheaper prices.

• Trading desks and institutions whom utilize a blend of self-custody, and institutional grade custody solutions.

• Given the Bitcoin ledger is transparent, many larger holders will break down larger holdings into sets of smaller UTXOs (e.g. 1k BTC could be reflected in 100x smaller 10 BTC UTXOs).

Sustained positive net position change marks this wealthier cohort absorbing supply, while negative regimes flag distribution; because holdings management (UTXO splitting, custody migrations) can move entities across band boundaries, the broader combined cohort view is often the more robust read.

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: Crab [1 to 10 BTC], Shark [100 to 1k BTC].