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

Technical. The cohort balance aggregates two entity-based supply distribution bands:

• Fish to Shark Balance = Supply held by entities with balance 10-100 BTC + 100-1k BTC
• Net Position Change = Balance - 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).

Because UTXO splitting and custody migrations can shuffle entities between the 10-100 and 100-1k bands without any economic buying or selling, this combined view is often the most robust read on the positioning of this wealth class: sustained positive net position change marks absorption of supply, negative regimes mark distribution.

Notes. Individual traces for Fish [10 to 100 BTC] and Sharks [100 to 1k BTC] are also available. 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.