Insights

Whale activity on the Bitcoin network makes up 50% of all transactions

exchange68September 13, 2024

0 0 1 minute read

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)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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