Definition. This chart presents the total ETH supply held by the Whale Cohort [Address Balance 1k–10k ETH], and its 30-day net position change, alongside price. The traces are:

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

Technical. The cohort balance is the 1k–10k ETH address balance band:

• Whale Supply = Supply(1k-10k ETH)
• Net Position Change = diff(Whale Supply, 30)

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

Interpretation. The whale band aggregates institutional-scale balances, and — since EOAs include exchange and ETF-related wallets — its swings often mix genuine large-holder accumulation with custodial rebalancing. Sustained positive net position change signals supply being absorbed at institutional scale, historically characteristic of accumulation regimes, while large negative prints often accompany exchange inflows and distribution events. The magnitude of moves here dwarfs the retail bands, so this cohort frequently drives aggregate supply-distribution shifts; cross-checking against exchange balance metrics helps separate custody churn from investor behavior.

Notes. Built from Supply Held by Addresses with Balance 1k–10k. The address count of the same cohort is charted in Whale Address Count; neighboring cohorts are Shark and Mega-Whale Net Position Change.