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)
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