Number of Humpback (>100k ICP)

The Number of Humpback (>100,000 ICP) metric counts the total number of ICP addresses holding more than 100,000 ICP. This is the highest balance tier in the distribution structure and includes the largest holders on the network. Addresses in this category typically represent the most capitalized participants, ranging from institutional entities, major custodial or exchange wallets, treasury-related addresses, strategic foundations, or exceptionally large private holders.

How it’s calculated

All addresses are evaluated based on their current balance. Any address with a balance exceeding 100,000 ICP is included in this tier. Each address is counted a single time per observation period, regardless of how frequently it moves funds or participates in transactions. The metric isolates the top end of the wealth curve to highlight the presence and count of the largest capital concentrations.

What this metric highlights

This tier provides perspective on high-level supply concentration and the structure of major capital on the network:

• Increasing humpback count: May reflect the creation of new large custody positions, strategic accumulation by high-capital participants, or fragmentation of large reserves into multiple addresses.
• Stable humpback count: Suggests continuity in top-tier holdings without notable redistribution or onboarding of new major players.
• Declining humpback count: Could indicate consolidation into fewer wallets, balance reallocation to lower tiers, or structural changes in how large holders manage capital.

Limitations

While the Number of Humpback can be an important reference point, it also carries notable constraints:

• No ownership clarity: The metric does not confirm whether an address belongs to an individual, institution, exchange, DAO, or automated custody structure.
• No guarantee of activity: Some addresses may be dormant, cold storage, reserve accounts, or configuration-level wallets rather than actively participating in the network economy.
• Not a predictive signal: A change in the humpback count does not inherently suggest accumulation, distribution, or market direction.

Disclaimer: The information provided in the descriptions above is for informational and educational purposes only and is intended as a general overview of the referenced metrics. These descriptions are illustrative, descriptive, and non-exhaustive; additional interpretations, use cases, and limitations may exist that are not covered here. Nothing herein should be construed as financial, investment, legal, tax, or professional advice, nor should it be relied upon as the sole basis for any decision-making process. All users should conduct their own independent research, validate data through multiple sources, and consult with qualified professionals where appropriate. The content provided does not guarantee accuracy, completeness, or reliability, and no representation or warranty is made regarding its correctness. The metrics, interpretations, and examples mentioned are subject to change over time and may not reflect all possible scenarios or market conditions. By using this information, you acknowledge that you do so at your own discretion and responsibility. No advisory, fiduciary, or client relationship is created through the use or reading of this material.