Deep Dive on Whale Activity

Quick Update on a trend we've been following for weeks

Hey everyone,

Hope you’re doing well and off to a great start to your week. For the last month or so we’ve been following whale activity on-chain. We finally have what appears to be a change of trend in this.

There are two ways to look at this:

  1. The number of entities on the chain that hold over 1,000 BTC

  2. The raw number of BTC that those entities all hold combined

For a while now we’ve been watching the number of whales on-chain trending down. On Friday the 2nd, 18 new whales surfaced on the chain. However, the broader trend in the number of individual whale entities is down.

Now let’s look at this in terms of the raw combined BTC balance of every whale entity. This has been slowly grinding up since late May. But check out that big spike in their holdings on Friday. This spike totaled +82,760 BTC.


Since May the broader trends have been the following: fewer whales, whales as a whole increased their holdings. This means supply has been consolidating into the hands of older whales. But, that big spike in both the number of whales and their holdings on the 2nd leads me to believe we may finally start to see some new big buyers step in. Will continue following.

What to watch for:

Whales increase balance, less whales = Supply consolidating into older whales wallets (time period varies)

Whales increase balance, more whales= Bullish

Whales decrease balance, less whales = Bearish