Definition. This chart presents the total ETH supply held by the Mega-Whale Cohort [Address Balance >10k ETH], and its 30-day net position change, alongside price. The traces are:

• 🟣 Total balance held by the Mega-Whale Cohort (line)
• 🟦 30-day net position change of Mega-Whale Balance (columns)

Technical. The cohort balance aggregates the two largest address balance bands:

• Mega-Whale Supply = Supply(10k-100k ETH) + Supply(>100k ETH)
• Net Position Change = diff(Mega-Whale Supply, 30)

This metric includes Externally Owned Addresses (EOAs) only (which includes exchanges, ETF products etc); smart contracts are excluded.

Interpretation. The mega-whale band is dominated by exchanges, custodians, ETF vehicles and the very largest funds, making it primarily a window into institutional and custodial supply dynamics. Large swings in net position change frequently correspond to exchange cold-wallet movements, custody migrations, or ETF creations and redemptions rather than discretionary trading; sustained trends, however, reveal whether supply is concentrating into or dispersing from the largest balance tier. Read alongside exchange balances and the whale band below it, this chart helps attribute major supply-distribution shifts to their likely source.

Notes. Built from Supply Held by Addresses with Balance 10k–100k and Supply Held by Addresses with Balance >100k. The address count of the same cohort is charted in Mega-Whale Address Count; the neighboring cohort is Whale Net Position Change.