What are Bitcoin address cohorts?

Cohorts slice supply by holder size so you can see which groups are stacking or distributing… retail through to whales. Use them as context, not as trade triggers.

Common cohort bands

  • Plankton < 0.1 BTC
  • Shrimps 0.1–1 BTC
  • Crabs 1–10 BTC
  • Fish 10–100 BTC
  • Sharks 100–1,000 BTC
  • Whales 1,000–10,000 BTC
  • Humpbacks > 10,000 BTC

Different sites label bands slightly differently… always check the legend on the chart you use.

Address Bands Distribution: Source ChainExposed | 12 Sept 2025

A stacked area of supply share by cohort… rising warm colours for small holders show grassroots stacking, while shrinking upper bands show large-holders’ share falling through time.

Reading cohort balance charts

When a cohort’s total balance trends up, that group is a net accumulator; when it trends down, that group distributes. Look for persistence over weeks… single spikes are often exchange housekeeping or entity reshuffles.

0.1 to 1 BTC (Shrimps) Balance: Source ChainExposed | 12 Sept 2025

The light-blue line tracks the aggregate shrimps’ balance. A steady climb indicates continuing retail stacking… a flattening after a surge suggests digestion rather than an immediate reversal.

1,000 to 10,000 BTC (Whales) Balance: Source ChainExposed | 12 Sept 2025

The whale band’s balance can drift down even in uptrends… distribution into strength, treasury moves, or coins migrating to ETF custodians. Treat step changes with caution and confirm with venue flows.

Bitcoin Address Distribution Table: Source BGeometrics | 12 Sept 2025

A tabular snapshot of address counts by cohort… use the weekly and monthly change columns to see which groups are consistently adding addresses, not just day-to-day noise.

Noise versus signal… clean rules

  • Clusters beat singles… three to four weeks of the same direction is real information.
  • Balance not just address count… splitting a wallet can inflate addresses without adding BTC. Prefer entity-adjusted or balance-based charts.
  • Exchange and ETF custody… tagged addresses can migrate between clusters; step moves may be reclassification.
  • Share of supply matters… a cohort growing faster than total circulating supply is the stronger tell.

What combinations actually help

  • Shrimps + Crabs accumulating while Whales flat… broad organic demand… supportive for trend continuation.
  • Whales accumulating while small cohorts stall… institutional or treasury demand… pair with exchange outflows for confirmation.
  • Multiple cohorts distributing together… risk is heavier… check netflows and realised PnL to avoid catching falling knives.
  • Sharks/Fish pivoting up first… often the canary before retail follows… watch the smaller bands for confirmation.

Pair cohorts with other dials

  • Exchange Netflows… whale distribution plus net inflows to spot venues strengthens the sell-pressure case.
  • HODL Waves / CDD-VDD… rising young bands or old-coin spending while cohorts distribute points to rotation or distribution on strength.
  • Realised PnL Ratio / SOPR… tells you if the market is accepting profits while cohorts shift.

A weekly workflow you can reuse

  1. Open Address Bands Distribution and note which bands’ share is rising.
  2. Check Shrimps and Whales balance charts… log the 4-week change.
  3. Cross-check exchange netflows and miner outflows for supply hitting venues.
  4. Act only on persistent cohort shifts that align with flows and price acceptance… persistence over headlines, innit.

Mini FAQs

Are whales always the smart money?
Not always… whales can distribute for treasury or risk reasons. You need confluence with flows and tape.

Can address counts be faked by splitting wallets?
Counts can inflate… that’s why balance-based or entity-adjusted views are better.

Do cohort bands work for alts?
Coverage is weaker and tagging is noisier. For Bitcoin the data quality is far higher.

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This isn’t noise… it’s the full playbook.

This guide is for education only… not financial, investment, legal, accounting, or tax advice. Nothing here is a recommendation to buy, sell, or use any product or service. Cryptoassets are high risk… prices can go to zero… only use amounts you can afford to lose. Availability and legality vary by country… check your local rules before acting. You are responsible for your own decisions.