![Whale activity on the Bitcoin network makes up 50% of all transactions](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-2.jpg&w=70&h=37&q=75)
Definition
Entity-adjusted relative on-chain volume breakdown by the USD value of the transactions.
Quick Take
- Whale activity in terms of transactions now accounts for 50% of the Bitcoin network.
- Whale activity is defined by a transfer volume of $1M or more.
- During the FTX collapse, whale activity decreased to as low as 39%.
- During the FTX collapse, whale addresses increased drastically, with a 30-day change count of over 20 addresses.
![Transfer volume breakdown by size: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/02/whales1.png)
![Whale address count: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/02/transfer.png)