Quick Take During the FTX collapse, according to the accumulation trend score by cohort, whales (10,000 BTC or more) accumulated during this period (denoted by the blue) The entity supply distribution for the whale’s aggregates to 30% of the supply back in November. However, highlighted since then, they have started distributing their holdings denoted by the red color. They now hold roughly 25% of the supply, a 5% decrease in the past four months. Currently, all other cohorts are accumulating Bitcoin; will this accumulation offset the distribution by whales? In the short-term, this is unclear; however, in the long term, this is healthy as more and more Bitcoin will become distributed. Entities Supply Distribution: (Source: Glassnode) Accumulation Trend Score by Cohort: (Source: Glassnode)

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