Whale entities reflect those with an aggregate balance in excess of 1k BTC. For this specific metric, we use a different construction methodology to the other cohorts. Here, we only consider coins flowing into, or out of exchanges, which can be associated with Whale entities. This seeks to more explicitly capture the buying and selling behavior of the largest BTC holders. Historically, trends and changes in Whale exchange behavior have been directionally aligned with broader market conditions.

This chart presents the following traces:

• 🟠 Total net balance held by the Whale Cohort based only on exchange deposits and withdrawals (line trace)
• 🟪 30-day net-position change of the aggregate Whale Balance to/from exchanges (area trace)

Further References

For more information on Bitcoin supply distribution and various wallet balance cohorts, see our previous research.