Definition. This chart tracks the number of addresses in the Mega-Whale Cohort [Balance >10k ETH], defined by ETH 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 ETH)
• 30-day Change = diff(Mega-Whale Address Count, 30)

This metric includes Externally Owned Addresses (EOAs) only; smart contracts are excluded. Note that these are address counts and do not reflect the volume of supply held.

Interpretation. 💡 Mega-whale address counts include addresses held by exchanges, large custodians, ETF products etc., 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, staking-related consolidation, or custody migrations, while sustained trends can reflect genuine concentration or dispersion of the largest ETH balances. Because the cohort is very small, individual wallet-management events move this chart visibly — cross-check against supply-based measures before drawing conclusions about accumulation.

Notes. Built from Addresses with Balance ≥ 10k. The supply held by this cohort is charted in Mega-Whale Net Position Change; the neighboring cohort is Whale Address Count.