Definition
Entity-adjusted relative on-chain volume breakdown by the USD value of the transactions.
Quick Take
- Whale activity in terms of transactions now accounts for 50% of the Bitcoin network.
- Whale activity is defined by a transfer volume of $1M or more.
- During the FTX collapse, whale activity decreased to as low as 39%.
- During the FTX collapse, whale addresses increased drastically, with a 30-day change count of over 20 addresses.
Transfer volume breakdown by size: (Source: Glassnode)
Whale address count: (Source: Glassnode)
