The Supply per Whale metric was originally proposed by Charles Edwards as a tool to map accumulation and distribution behaviour of large Bitcoin holders. It is defined as the total supply owned by addresses holding 100 to 10k BTC, divided by the address count. By accounting for a larger range of wallet denominations, this can better account for UTXO consolidation or splitting (dividing large holdings across multiple addresses) by larger coin holders.

It will increase when whales are increasing their aggregate holdings and decrease during distribution events.

Coined By

Charles Edwards (2021)