Big fish, small fish: How Bitcoin investors are taking different paths

Quick Take

• During the FTX collapse, according to the accumulation trend score by cohort, whales (10,000 BTC or more) accumulated during this period (denoted by the blue)
• The entity supply distribution for the whale’s aggregates to 30% of the supply back in November.
• However, highlighted since then, they have started distributing their holdings denoted by the red color. They now hold roughly 25% of the supply, a 5% decrease in the past four months.
• Currently, all other cohorts are accumulating Bitcoin; will this accumulation offset the distribution by whales?
• In the short-term, this is unclear; however, in the long term, this is healthy as more and more Bitcoin will become distributed.

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