Bitcoin (BTC) supply per whale has been mimicking the price movements since 2014 and has been declining since the end of 2021, indicating that whales are selling off their holdings, according to data analyzed by CryptoSlate.

Supply per whale takes the total BTC supply of addresses that hold between 100 and 10,000 BTC and divides it by the number of addresses. This metric accounts for a larger range of wallet denominations. It can better account for unspent transaction output (UTXO) consolidation or dividing large holdings across multiple addresses by larger coin holders.

This metric is expected to increase when whales are growing their aggregate holdings, and decrease as they liquidate their positions.

(by Zeynep Geylan)