The market sorts Bitcoin holders into ranks named after sea creatures, by how much BTC they hold. Where the lines fall varies from chart to chart; Perly draws them at every power of ten from 0.01 to 10 000 BTC, because that is where the address data itself is cut — and every Perly product stands on the same ladder: Perly Charts counts the coins in each band, and Perly App tells a stack which band it sits in. The bands describe addresses, not verified people. Perly is a private portfolio tracker; at each rank, one thing it does earns its keep. On the home page the same ladder is a descent.
Each bar below is the whole ladder on one line, and every step along it is ten times the one before; the lit stretch is that rank's band.
The band spans 0.01 BTC.
Everyone starts as a shrimp.
Shrimp hold less than a hundredth of a coin — under a million sats. On its own that is nothing; together it is the reason nobody can corner the network. For most of them Bitcoin is savings, not a trade.
The band spans 0.09 BTC.
Past the first million sats.
Crabs hold a hundredth of a coin to a tenth. They stopped testing the water a while ago and built the position deliberately, a buy at a time — and they have usually read what it is they are holding.
The band spans 0.9 BTC.
Long enough to have seen a drawdown.
Octopuses hold a tenth of a coin to a whole one, and have usually been through more than one cycle. Some run a node and follow the arguments about the protocol; a bad quarter has stopped surprising them.
The band spans 9 BTC.
Past the first whole coin.
Fish hold one whole coin to ten. Twenty-one million shared among eight billion people comes to about a quarter of a million sats each; a fish holds hundreds of those shares, or thousands — a decent argument for keeping the position out of sight.
The band spans 90 BTC.
Dolphins remember.
Dolphins hold tens of coins and tend to be deep in the industry — funding work, running infrastructure, teaching. At that size the position is a job rather than a bet.
The band spans 9 000 BTC.
Whales don't announce themselves.
Whales hold a thousand to ten thousand coins. Every movement of a position that size is watched, which is why the ones who have the choice stay quiet about it.
The band has no upper limit.
Above the whales, and rarely seen.
Humpbacks hold more than ten thousand. There are very few of them, many hold for others — exchanges, funds, custodians — and not one of them found out what they held from a page like this one.
Above the named ranks the ladder stops being a list. The largest holders do not show themselves, and a page that respects its own privacy argument does not pretend to know them.
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