Supply Concentration (>100 BTC)TRINITY EXCLUSIVE
EXCLUSIVE - Percentage of total Bitcoin supply held by addresses with >100 BTC. Measures wealth concentration among large holders. A declining trend marks distribution toward smaller holders.
Trinity exclusive model
This metric is a proprietary Trinity Insights model. Its formula, inputs, weights and parameters are NOT disclosed. The page documents only the output (bounded scale, interpretation zones, historical context). Access to the score and its time series is via the REST API and the MCP server, subject to the required tier.
What is it?
Supply Concentration >100 BTC measures the share of total Bitcoin supply held by addresses with a balance exceeding 100 BTC. This ratio is computed by dividing the aggregate balance of all >100 BTC addresses by total circulating supply, expressed as a percentage. Addresses >100 BTC include individual whales, investment funds, corporate treasuries, and exchanges. This metric is a proxy for Bitcoin wealth concentration - a high percentage indicates most supply is controlled by a small number of large entities.
How to read
A high percentage (>60%) means large entities dominate holdings. A downward trend indicates progressive redistribution toward smaller addresses (ownership decentralisation). An upward trend marks whale accumulation or increased centralisation (exchanges, ETFs, treasuries). Historically, nearly two-thirds of supply is concentrated in >100 BTC addresses, reflecting the structural weight of custodial exchanges, institutional treasuries, and spot ETFs in supply distribution.
Key zones
Historically, this ratio has oscillated between ~55% and ~70%. Periods of strong institutional accumulation (2020-2021, spot ETFs 2024) push the ratio higher. Bear markets sometimes see a decline when exchanges lose coins (hacks, bankruptcies) or whales distribute. A drop below 55% would be a historically rare sign of decentralisation.
What to observe
Correlate with >1 BTC and >10 BTC address metrics to understand the full distribution structure. If the >100 BTC ratio drops while the >1 BTC count rises, it marks healthy redistribution toward the base. If both rise simultaneously, it indicates broad adoption with whale accumulation. Also watch exchange supply movements (exchange reserves) to distinguish custodial vs non-custodial concentration.
Historical context
Bitcoin supply concentration has followed an interesting trajectory. The early years (2009-2013) showed extreme concentration (Satoshi, early miners). Market maturation (2014-2019) progressively distributed coins to more entities. The institutional era (2020+) partially reversed this trend with MicroStrategy, spot ETFs, and corporate treasuries accumulating massively. The 'is Bitcoin centralising?' debate is directly informed by this metric.
Expert notes
⚠️ Trinity Exclusive Model - Data comes from a full node Bitcoin: the numerator is addrs_over_100btc_supply (aggregate balance of >100 BTC addresses) divided by total circulating supply. The metric does not distinguish entities - an exchange controlling 500K BTC in a single cold wallet address weighs the same as 5000 whales of 100 BTC each. Entity clustering heuristics improve analysis but are not available at this aggregation level.
Common mistakes to avoid
Equating 'high concentration = centralisation = bad' is simplistic. A significant portion of >100 BTC addresses are custodial exchanges holding millions of users' BTC. Address concentration is not ownership concentration. Moreover, spot ETFs mechanically increased this ratio by aggregating retail demand into large institutional addresses - without economic ownership actually concentrating.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/entity-clustering/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "entity-clustering",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.