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Are you a "shrimp", "dolphin", or "humpback"? Galssnode analyzes the distribution of Bitcoin across network participants and shows that BTC ownership disperses over time and is much less concentrated than often reported. Meanwhile, BTC supply held by whales has recently increased, suggesting institutional investors are entering.
The problem with these reports is that they analyze the distribution of BTC across network addresses. This leads to misleading statistics, which result in false narratives around BTC ownership among stakeholders. In particular, this approach has two major caveats: Not all Bitcoin addresses should be treated equal. For instance, an exchange address holding the funds from millions of users needs to be distinguished from an individual's self-custody address. A Bitcoin address is not an "account". One user can control multiple addresses, and one address can hold the funds from multiple users.
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