Higher-net worth individuals, trading desks, and institutional sized entities with between 10 and 1k BTC. This particular cohort has a notably large balance range, which is a result of several nuances related to how these entities came to possess, and also manage their holdings.

This cohort accounts for:

• Early Bitcoin adopters who acquired many coins at significantly cheaper prices.

• Trading desks and institutions whom utilize a blend of self-custody, and institutional grade custody solutions.

• Given the Bitcoin ledger is transparent, many larger holders will break down larger holdings into sets of smaller UTXOs (e.g. 1k BTC could be reflected in 100x smaller 10 BTC UTXOs).

This chart presents the following traces:

• 🟠 Total balance held by the Fish to Shark Cohort (line trace)
• 🟦 30-day net-position change of Fish to Shark Balance (area trace)

Note: Individual traces for Fish [10 to 100 BTC] and Sharks [100 to 1k BTC] are also available.

Further References

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