Whale entities have seen their aggregate balance decline throughout #Bitcoins history. The chart below reinforces this, with #Whale entities accounting for 46% of the total supply, down from 63% in early 2021.

It is important to note that here, Whale entities will include exchanges, as well as large centralized holdings such as #ETF products, #GBTC, #WBTC, and corporate holdings like #Microstrategy.