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It can be used to observe and monitor macro trends of cohort growth or decline throughout market cycles.\n\nIt is important to note that these metrics are address **counts**, and do not reflect the volume of supply held. For analysis on the supply and balance change, see this [Professional dashboard](https://studio.glassnode.com/dashboards/btc-entity-balance-change).\n\n\nEach chart displays four traces capturing the number of addresses which hold the coin volume of interest:\n\n- 🟠 **Line Trace:** Address Count in Cohort \n- 🔴 **Oscillator:** 30-day Change in Address Count"},"uuid":"565a88cb-cab0-4816-ad2d-e17c89bfb73d","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Shrimp Address Count 🦐 [\u003c 1 BTC]\n\n---\n\nThe Shrimp cohort is a widespread catch all for retail level investors holding \u003c 1 BTC. Historically this cohort is quite responsive to macro market trends, with their numbers historically growing in bullish markets, and declining in bearish markets.\n\nThis cohort is also quite sensitive to volatility, with the rate of address count growth often reacting to sharp price changes, both upwards and downwards."},"uuid":"1c5b57c5-33e9-4677-bcfa-826b33dde6a7","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Crab Address Count 🦀 [1 to 10 BTC]\n\n---\n\nThe Crab cohort generally describes retail sized investors by wealth, whom either have larger capital allocations, and/or have been accumulating over multiple years. Given Bitcoins grassroots and retail dominated history, this cohort consists of many well informed, albeit retail sized investors (the HODLers).\n\nLike the Shrimp, this cohort can be quite responsive during downwards price volatility, often experiencing a negative balance change during high volatility sell-off events. Overall, the crab cohort has been a consistent long-term accumulator."},"uuid":"8ff1c0c2-e800-45bc-8b55-bf269b2cbd82","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Fish to Shark Address Count 🦈 [10 to 1k BTC]\n\n---\n\nHigher-net worth individuals, trading desks, and institutional sized entities with between 10 and 1k BTC. This particular cohort has a notably large balance range, which is a result of several nuances related to how these entities came to possess, and also manage their holdings.\n\nThis cohort accounts for:\n\n- Early Bitcoin adopters who acquired many coins at significantly cheaper prices.\n\n- Trading desks and institutions whom utilize a blend of self-custody, and institutional grade custody solutions.\n\n- Given the Bitcoin ledger is transparent, many larger holders will break down larger holdings into sets of smaller UTXOs (e.g. 1k BTC could be reflected in 100x smaller 10 BTC UTXOs)."},"uuid":"30377842-bb7a-4467-80fd-96db9a163c56","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Whale Address Count  🐋 [1k+ BTC]\n\n---\n\nWhale entities reflect those with an aggregate balance in excess of 1k BTC. For this specific metric, we separate into Whales with 1k to 10k BTC, and Mega-Whales with 10k+ BTC.\n\n\u003e Note: Whale address counts include those held by exchanges, large custodians, ETF products etc."},"uuid":"f7d26b37-3306-4c0e-a239-92c040fb538b","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"bb00850b-dfdd-4a11-8ea3-8d58a9641237","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### New Address Growth\n\n---\n\nThis metric presents the daily change in the number of non-zero balance addresses contained within the Bitcoin protocol UTXO set 🟠.\n\nA growth in the number of non-zero balance addresses 🟢 indicates a larger degree of on-chain activity is taking place, whilst a reduction 🔴 indicates a consolidation, and potentially a purging of wallets is taking place."},"uuid":"71b84ed0-321c-4fcc-8d5c-c9e99692a9d2","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### New Address Momentum\n\n---\n\nHealthy network adoption is often characterized by an uptick in daily active users, more transaction throughput, and increased demand for blockspace (and vice-versa). The number of New Addresses on-chain can be an effective tool to gauge both the magnitude, trend and momentum of activity across the network.\n\nThis metric, compares the monthly average 🔴 of new addresses against the yearly average 🔵 to underline relative shifts in dominant sentiment and help identify when the tides are turning for network activity.\n\n- **Monthly 🔴 \u003e Yearly 🔵** indicates an expansion in on-chain activity, typical of improving network fundamentals, and growing network utilization.\n\n- **Monthly 🔴 \u003c Yearly 🔵** indicates a contraction in on-chain activity, typical of deteriorating network fundamentals, and declining network utilization."},"uuid":"f4efb448-cfef-420f-bf03-35f466916a15","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"66c27910-230a-446e-72fc-1786c1d6dacb"},"uuid":"785ecf3a-387e-4cd9-8da1-195e3f438a6b","configType":"workbench"},{"meta":{"refUuid":"3149facf-5958-4fde-44a8-b7e46830adc8"},"uuid":"05eeef4c-c518-4e17-aa29-7e1de36e39a4","configType":"workbench"},{"meta":{"refUuid":"bfd6c594-da67-4f2b-7db2-35452be46589"},"uuid":"25eca522-6529-4d96-bdee-966bc4e3a464","configType":"workbench"},{"meta":{"refUuid":"34d4a28d-d2fa-4c97-4e91-12fd07938213"},"uuid":"8209b49f-4eec-4927-9270-8829e7de3173","configType":"workbench"}],"layouts":[{"h":8,"i":"1e71deca-3e00-4a19-a8e2-f26e7d51393e","w":9,"x":3,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"01745c24-c3e5-4310-8728-2a38cd06fa6a","w":9,"x":3,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d908e96e-58f7-4cec-991c-903bd2bf143a","w":9,"x":3,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"1ae6123e-a29c-44dc-b9d3-46105368cad2","w":9,"x":3,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"0064fd1b-e40a-4e39-9000-1d43f72ebdce","w":12,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ea14024b-c040-4273-bc6b-c64ac3353aba","w":9,"x":3,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"e8912cd8-c2de-49b2-81c1-dffd9f9197cd","w":12,"x":0,"y":48,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f877886b-8363-4b2d-9539-22be39604249","w":9,"x":3,"y":56,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"107fa7ed-0bfb-41d7-9bd0-b4e82802719f","w":6,"x":0,"y":72,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"20bd9ff6-3537-40fa-952b-c6f365c231ae","w":6,"x":6,"y":72,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"1138908b-90f9-4d73-8056-8d18826e32bf","w":6,"x":0,"y":78,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"cd31ec00-66e7-41d5-894a-5446c6e34634","w":6,"x":6,"y":78,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"bb0132f1-1305-408a-abb8-293a1373b1c9","w":6,"x":0,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"c4d57895-3427-49af-88a5-b6ca8818c7bb","w":6,"x":6,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"400fc400-440e-456d-a958-2da2ec22fec9","w":6,"x":0,"y":90,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"cc1ad57e-3fcc-48c4-83b6-0bf49f78a9f7","w":6,"x":6,"y":90,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c3046959-44fc-4bae-a4d4-5d61087a1ffa","w":9,"x":3,"y":64,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"565a88cb-cab0-4816-ad2d-e17c89bfb73d","w":3,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"1c5b57c5-33e9-4677-bcfa-826b33dde6a7","w":3,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8ff1c0c2-e800-45bc-8b55-bf269b2cbd82","w":3,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"30377842-bb7a-4467-80fd-96db9a163c56","w":3,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f7d26b37-3306-4c0e-a239-92c040fb538b","w":3,"x":0,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"bb00850b-dfdd-4a11-8ea3-8d58a9641237","w":12,"x":0,"y":128,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"71b84ed0-321c-4fcc-8d5c-c9e99692a9d2","w":3,"x":0,"y":64,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f4efb448-cfef-420f-bf03-35f466916a15","w":3,"x":0,"y":56,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"785ecf3a-387e-4cd9-8da1-195e3f438a6b","w":12,"x":0,"y":96,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"05eeef4c-c518-4e17-aa29-7e1de36e39a4","w":12,"x":0,"y":104,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"25eca522-6529-4d96-bdee-966bc4e3a464","w":12,"x":0,"y":112,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8209b49f-4eec-4927-9270-8829e7de3173","w":12,"x":0,"y":120,"minH":1,"minW":3,"moved":false,"static":false}]}}