The surprising shift in Bitcoin ownership: whales drop 4% as Shrimps, Crabs thrive

Quick Take

• A lot of analysis has been around whales accumulating Bitcoin (BTC) while other cohorts sell.
• But it is important to understand different entity balances to see where the potential sell pressure could come from and how the trend is changing.
• Looking at the past five years, some notable changes in cohort accumulation and distribution
• The only two cohorts to have added to their balance dominance are shrimps and cohorts, while all other cohorts have seen distribution — with whales dropping the most by 4%.

2018

• Shrimps: 2.889%
• Crabs: 7.242%
• Fish: 17.743%
• Shark: 19.805%
• Whales: 38.495%
• Miner: 10.666%
• Exchanges: 13.826%

2023

• Shrimps: 6.71%
• Crabs: 10.651%
• Fish: 16.887%
• Shark: 19.754%
• Whales: 34.024%
• Miner: 9.428%
• Exchanges: 11.998%

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