Addresses 10,000-100,000 BTC

Counts addresses holding between 10,000 and 100,000 BTC. Very few addresses occupy this tier — typically a two-digit count — and nearly all belong to exchanges, ETF custodians, sovereign entities or early whales.

With such a small sample, changes here must be verified address by address rather than read statistically — a single consolidation or split moves the entire figure. In practice, changes most often reflect custody restructuring: an ETF custodian opening new addresses, an exchange reorganising cold storage, neither of which relates to supply and demand. What genuinely matters is where new addresses sourced their coins, and this tier's aggregate holdings as a share of circulating supply — the latter describing supply concentration as a systemic risk.

Address metrics track how on-chain balances are distributed. Remember an address is not a person: exchange hot/cold wallets, custodians and change addresses all distort the count, so the direction of the trend matters far more than the absolute number.

The live chart for this metric is still being wired up. Other address-cohort tiers already carry real data — see the links below.