{"uuid":"a884960d-caed-42ba-69cb-a05474446767","categoryUuid":"752fce11-1913-47e4-5707-91c0b669f02b","data":{"meta":{"name":"BTC: Entities Supply Change"},"configs":[{"meta":{"refUuid":"5de51d76-d5c4-41dd-4e38-34f5e99182ca"},"uuid":"206f49f3-734a-4f5f-aa15-54c2c3973a67","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"12c45b0e-e494-421e-7204-4087d9edb3c9"},"uuid":"14d2e523-8758-4666-a8da-0e5a2d6d97a0","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"d991a8e3-6dd2-40d9-5181-95f914142605"},"uuid":"d181bffc-8daf-4caa-8248-6258c2c8955c","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"27f6938c-c951-4430-689a-9d2fa9531cd2"},"uuid":"f14b3d07-95de-4a11-91d8-a1eb840a84b6","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"15242d38-27e9-48df-4878-3a4e38145a24"},"uuid":"68beb6ea-353f-4d47-98d9-16c29316d770","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"b8156634-d99b-409d-6426-2059923fdcd2"},"uuid":"ecb44198-2b0e-4ba3-87f3-6fdb6d1b4431","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"asset":"BTC","miner":"aggregated","currency":"native","exchange":"aggregated","exchangeTo":"aggregated","metricCode":"entities.Min1KCount","resolution":"24h","exchangeFrom":"aggregated","movingMedian":0,"movingAverage":0,"expMovingAverage":0},"uuid":"fcc677d8-4cea-46f0-8bbb-15de2be6b987","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#5289ee","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"BTC","miner":"aggregated","mathFn":{"name":"ema","value":"7"},"currency":"native","exchange":"aggregated","exchangeTo":"aggregated","metricCode":"transactions.TransfersVolumeWhalesToExchangesSum","resolution":"24h","exchangeFrom":"aggregated","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"6e916649-5ef2-4c91-8e13-b46d9e793cb6","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#51d08f","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"BTC","miner":"aggregated","mathFn":{"name":"ema","value":"7"},"currency":"native","exchange":"aggregated","exchangeTo":"aggregated","metricCode":"transactions.TransfersVolumeExchangesToWhalesSum","resolution":"24h","exchangeFrom":"aggregated","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"6085ef42-8af1-4c7e-8d25-982ce0ccad0f","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#c43e60","chartStyle":"line"},"configType":"metric"},{"meta":{"refUuid":"ca135120-c66c-4de8-695e-d8816730725c"},"uuid":"7a67529d-713a-42a2-b694-a43f94092157","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"content":"# Entity Net Position Change\n\n---\n\nThe following suite of metrics present the total supply held, and 30-day balance change for various Bitcoin cohorts. These metrics utilize glassnode's entity-adjustment clustering algorithms, to provide a best estimate of the true balance held by each cohort. This seeks to account for coins that may be distributed across several addresses, but have the same owner.\n\nFor more information, see our two reports:\n\n- 📰 [No, Bitcoin Ownership is not Highly Concentrated](https://insights.glassnode.com/bitcoin-supply-distribution/)\n- 📰 [The Shrimp Supply Sink](https://insights.glassnode.com/bitcoin-supply-distribution-revisited/)\n\n---\n\n## Shrimp Entities 🦐 [\u003c 1 BTC]\n\nThe Shrimp cohort is a widespread catch all for retail level investors holding \u003c 1 BTC.\n\nHistorically this entity cohort has consistently added to their balance, and thus looking at relative aggressiveness is usually most informative.\n\nThis cohort is also quite sensitive to volatility, with the rate of balance growth often reacting to sharp price changes, both upwards and downwards."},"uuid":"50539d5c-109f-42a6-beca-6b34b5d5e57b","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Crab Entities 🦀 [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.\n\nGiven 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.\n\n\u003e Note: Entities will likely overlap with the [Shrimp](https://studio.glassnode.com/workbench/btc-entities-supply-shrimp-netposchange) cohort (\u003c BTC) due to holders who exercise good privacy practices and UTXO coin control (i.e. do not combine and cluster their UTXOs, but acquire 0.1 BTC+ lots regularly)."},"uuid":"668e4dd2-6603-44ab-8814-4b24e7b3d663","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Fish to Sharks 🦈 [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).\n\n\u003e Note: Individual traces for Fish [10 to 100 BTC] and Sharks [100 to 1k BTC] are show below for clarity."},"uuid":"4da8b9b6-941d-4f31-990b-dfa7f3752c08","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"1aafac07-2e9b-4caa-60c0-95b1abbdb528"},"uuid":"22500bd3-83a3-4e8f-94ae-6267b76f33b9","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"d099fe3d-9efc-4c53-55af-925abea821b1"},"uuid":"271e89b3-3032-4a92-b0b1-04284e67f640","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"content":"## Whale Entities 🐋 [1k+ BTC]\n\n---\n\nWhale entities reflect those with an aggregate balance in excess of 1k BTC. For this specific metric, we use a different construction methodology to the other cohorts.\n\nHere, we only consider coins flowing into, or out of exchanges, which can be associated with Whale entities. This seeks to more explicitly capture the buying and selling behavior of the largest BTC holders.\n\nHistorically, trends and changes in Whale exchange behavior have been directionally aligned with broader market conditions."},"uuid":"8a7d0206-c37c-4211-8920-3a849bbf3b23","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"e0540b87-148a-455b-739f-3e2dd5850892"},"uuid":"202e1140-99d6-406a-b18c-2856fb7c49fb","extra":{"zoom":"5y"},"configType":"workbench"},{"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":"fb12b5d5-1267-4dbe-9afc-cdffdfb1add7","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Whales and Exchanges\n\n---\n\nThis chart presents the BTC denominated inflow and outflow volumes to exchanges associated with Whale entities (with a 1k+ BTC aggregate on-chain balance).\n\nThis chart has the following traces:\n\n- 🟢 **Whale Inflow Volume [BTC]**\n- 🔴 **Whale Outflow Volume [BTC]**\n- ⚫ **Whale Netflow Volume 7D-EMA [BTC]**\n\n---\n\n### Average Whale Withdrawal Prices\n\nAlso shown are the rolling average withdrawal prices for this cohort across a series of starting dates aligned with significant market lows and events.\n\n- 🟡 **5-Jul-2017+** (launch date of Binance)\n- 🔴 **16-Dec-2018+** (Dec 2018 low)\n- 🔵 **12-Mar-2020+** (March 2020 low)\n"},"uuid":"c692cbc3-5529-401e-a975-4b4a50b0fcf4","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"0d2b4e64-b26c-4558-6b7f-031746278d5d"},"uuid":"ecc51f8b-7946-498d-8433-273fd98fdb6f","configType":"workbench"},{"meta":{"content":"## Cohort Absorption Rates\n\n---\n\nWe can compare the rate of a cohorts balance change to the volume of BTC mined over the same period. This provides a relative measure of the amount of New Issuance which was theoretically absorbed by this cohort.\n\n- **Values over 100%** indicate that the cohort increased their aggregate balance by more than all coins mined over that period, and thus acted as a net absorbing balance.\n\n- **Values near 0%** indicate that the cohorts aggregate balance was approximately flat over that period.\n\n- **Values below 0%** indicate that the cohort aggregate balance decreased over that period, and was distributed alongside newly issued coins.\n\nCharts in this dashboard consider both monthly, and yearly periods for a view into short-term and long-term behavior patterns."},"uuid":"da82edb1-d2e7-41e3-bfe0-629f2defc38d","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"69e0341d-def4-42aa-44e7-60bec76299ca"},"uuid":"33a5402b-66a9-48b1-b682-b210e5194bc5","configType":"workbench"},{"meta":{"refUuid":"2b2ca6d1-7938-4b63-432a-721bce54e8d3"},"uuid":"3c091939-acd4-482f-badf-3ac25425d331","configType":"workbench"},{"meta":{"refUuid":"6b4036dc-51f7-400b-5d8f-687e712a8a5d"},"uuid":"69df1b10-76d5-4748-b3bc-a6b914de53eb","configType":"workbench"},{"meta":{"refUuid":"cb1cfedc-ad6e-4eae-5d69-c3133c75bc1e"},"uuid":"e3a8e821-fdad-4fec-94f2-8c98d5e4285b","configType":"workbench"},{"meta":{"refUuid":"874541b4-217d-4316-65a1-45a86b9773cf"},"uuid":"72ecd0fb-d470-43f3-8392-62af0ccd82bc","configType":"workbench"},{"meta":{"refUuid":"17a9d2c8-00be-4848-78a2-90207436d20b"},"uuid":"3ef7abfb-c9ec-48b5-8617-44b929b60655","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"83e351da-df6d-4ecf-6611-9637ab0c3871"},"uuid":"59fc9d74-cca6-4b75-8f1e-fe6e5ffcffd6","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"d489394f-dcf2-492a-53e6-111a0af16af8"},"uuid":"2094881a-e0e3-4052-b802-39fcad58258e","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"e0252667-98d8-4d59-6c16-a06ed49af12f"},"uuid":"5af6c989-433a-4eaf-8230-f2cd01dcd7c3","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"462cc361-5276-4773-72f2-d2ed8bafe8f0"},"uuid":"71effc93-1157-4b68-abfb-1ff353aefc3e","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"44c3512a-4832-40c1-5a0b-eb66346a3502"},"uuid":"b4a92c25-42ef-4fcf-ae8f-f9b2f37f9dba","configType":"workbench"}],"layouts":[{"h":8,"i":"206f49f3-734a-4f5f-aa15-54c2c3973a67","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"14d2e523-8758-4666-a8da-0e5a2d6d97a0","w":8,"x":4,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d181bffc-8daf-4caa-8248-6258c2c8955c","w":6,"x":6,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f14b3d07-95de-4a11-91d8-a1eb840a84b6","w":8,"x":4,"y":70,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"68beb6ea-353f-4d47-98d9-16c29316d770","w":8,"x":4,"y":90,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ecb44198-2b0e-4ba3-87f3-6fdb6d1b4431","w":6,"x":0,"y":122,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"fcc677d8-4cea-46f0-8bbb-15de2be6b987","w":6,"x":0,"y":98,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"6e916649-5ef2-4c91-8e13-b46d9e793cb6","w":6,"x":6,"y":104,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"6085ef42-8af1-4c7e-8d25-982ce0ccad0f","w":6,"x":0,"y":104,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"7a67529d-713a-42a2-b694-a43f94092157","w":6,"x":6,"y":98,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"50539d5c-109f-42a6-beca-6b34b5d5e57b","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"668e4dd2-6603-44ab-8814-4b24e7b3d663","w":4,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"4da8b9b6-941d-4f31-990b-dfa7f3752c08","w":4,"x":0,"y":42,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"22500bd3-83a3-4e8f-94ae-6267b76f33b9","w":6,"x":0,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"271e89b3-3032-4a92-b0b1-04284e67f640","w":8,"x":4,"y":42,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8a7d0206-c37c-4211-8920-3a849bbf3b23","w":4,"x":0,"y":70,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"202e1140-99d6-406a-b18c-2856fb7c49fb","w":6,"x":6,"y":122,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"fb12b5d5-1267-4dbe-9afc-cdffdfb1add7","w":12,"x":0,"y":138,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c692cbc3-5529-401e-a975-4b4a50b0fcf4","w":4,"x":0,"y":90,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ecc51f8b-7946-498d-8433-273fd98fdb6f","w":8,"x":4,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"da82edb1-d2e7-41e3-bfe0-629f2defc38d","w":4,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"33a5402b-66a9-48b1-b682-b210e5194bc5","w":12,"x":0,"y":58,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"3c091939-acd4-482f-badf-3ac25425d331","w":12,"x":0,"y":78,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"69df1b10-76d5-4748-b3bc-a6b914de53eb","w":6,"x":0,"y":110,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"e3a8e821-fdad-4fec-94f2-8c98d5e4285b","w":6,"x":6,"y":110,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"72ecd0fb-d470-43f3-8392-62af0ccd82bc","w":12,"x":0,"y":130,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"3ef7abfb-c9ec-48b5-8617-44b929b60655","w":12,"x":0,"y":34,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"59fc9d74-cca6-4b75-8f1e-fe6e5ffcffd6","w":12,"x":0,"y":64,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"2094881a-e0e3-4052-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