Analyzing the Behavior of Different Categories of Bitcoin Investors Tells Us a Lot About the Dynamics of Bitcoin’s Price Action.

Diving to meet Humpbacks, Whales, ... Crabs, and Shrimps.

In the Bitcoin world, you know that Bitcoin holders are usually classified into 7 distinct categories. Each category is determined by a Bitcoin holding range.

Here are the 7 recognized categories:

• 🐳 Humpbacks who own more than 10K BTC. This is a separate category with market heavyweights.

• 🐋 Whales, who own between 1K and 10K BTC. These are also heavyweights, but a little less so.

• 🐬 Dolphins with between 100 and 1K BTC. Individuals with a long-standing presence in the Bitcoin world can be found in this category.

• 🐟 Fish, who owns between 10 and 100 BTC.

• 🦑 Octopus, who owns between 1 and 10 BTC.

• 🦀 Crabs, which own between 0.1 and 1 BTC.

• 🦐 Shrimps with between 0 and 0.1 BTC.

Occasionally, you may even see some people split the Dolphins category into two sub-categories: Dolphins with 100 to 500 BTC, and Sharks with 500 to 1K BTC.

Once you're familiar with these categories of BTC holders - well, we're talking about BTC-holding addresses on the Bitcoin network here - you can follow the behavior of the different categories as the price of Bitcoin fluctuates.

Take a look at this chart showing the evolution of the Bitcoin price throughout 2024 and comparing Accumulation Vs. Distribution by all these cohorts: