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

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

Addresses above 10k ETH are covered separately by the Mega-Whale cohort. 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. 💡 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 staking and ETF-related flows — rather than individual investor behavior alone. With that caveat, sustained growth in whale addresses has historically accompanied large-holder accumulation phases, while declines can signal distribution or consolidation of balances into fewer 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. The supply held by this cohort is charted in Whale Net Position Change; neighboring cohorts are Shark and Mega-Whale.