Number of Octopus (100-500 ICP)

The Number of Octopus (100–500 ICP) metric counts the total number of ICP addresses holding between 100 and 500 ICP. This tier represents the first range of relatively meaningful balances on the network. While still modest compared to mid- and large-size holders, Octopus addresses often reflect small retail or operational wallets used for more substantial transactions and network interactions.

How it’s calculated

All addresses are analyzed based on their current ICP balance. Addresses holding at least 100 ICP but less than 500 ICP are counted once. The metric focuses on the number of addresses in this balance tier, providing insight into the distribution of moderately sized holdings across the network.

Interpretation of trends

The Number of Octopus offers insights into small but economically relevant participation:

• Increasing Octopus count: May indicate growing interest from small retail participants or the creation of operational wallets with more substantial balances. It can reflect accumulation behavior or expanding engagement by network participants holding meaningful ICP amounts.
• Stable Octopus count: Suggests a consistent number of moderately sized addresses, indicating equilibrium in this tier without major consolidation or expansion.
• Declining Octopus count: Could signal that balances are being aggregated into larger wallets, or distributed into smaller ones.

Octopus addresses collectively represent a more meaningful fraction of ICP supply compared with micro wallets, making this metric a useful indicator of early-stage retail accumulation and small-scale network activity.

Limitations

While the Number of Octopus is informative for understanding moderately sized holdings, it has several caveats:

• Economic significance is moderate: Individual balances are still relatively small in the context of total supply, though more meaningful than lower tiers.
• Activity not guaranteed: Octopus addresses may be inactive or operational wallets with minimal transactional engagement.
• Potential automated wallets: Some addresses may be protocol-generated, canister-related, or part of scripted operations, not reflecting individual retail accumulation.

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.