View charts in Landscape for optimal mobile experience. For full functionality and best user experience view this website on laptop or desktop.

Bitcoin: Whale Shadows (aka Revived Supply)


Zoom in with touchscreen: Touch and hold with ONE finger then drag.

Zoom in on desktop: Left click and drag.

Reset: Double click.

Indicator Overview

This indicator shows when bitcoins that have not moved onchain for many years, finally move again. The coins are moving from a wallet that they have stayed on for years, to another wallet. Another term that can be used for this is revived supply because after lying dormant, the coins are once again moving on the Bitcoin blockchain.

So for example the 7-9yr data is showing the number of coins that had not previously moved for between 7-9 years, now moving onchain on a particular day.

While we track all movements, on the chart above we only show movements of coins that are greater than 100 bitcoins to reduce the level of noise on the chart.

This bitcoin chart is called Whale Shadows because the term ‘Bitcoin whale’ refers to an individual who holds a large amount of Bitcoin. This chart allows us to see when whales who have held bitcoin in a wallet for a very long time, finally move their coins again. So we are able to see significant movements of coins from these very experienced players in the market.

Note: you can select the different age ranges by clicking the labels underneath the chart.

Price Prediction Using This Tool

While not intended to be used as a price prediction or forecasting tool, it is interesting to note that we have historically seen large whale transactions occurring at major price highs. This is likely because these more experienced players in the space who have accumulated many bitcoins, have a greater understanding than the average participant as to when the market may be overheated. These whales are sometimes referred to as ‘smart money’.

For this reason, it can be very useful to track their activity over time and monitor when a large number of previously dormant coins move on a given day. That is why we like to call this the ‘whale shadows’ chart!

Date Created

January 2022

You May Also Be Interested In

Coin Days Destroyed screenshot
Coin Days Destroyed

Number of coins multiplied by days since those coins last moved on-chain.

Supply Adjusted Coin Days Destroyed screenshot
Supply Adjusted Coin Days Destroyed

Number of coins multiplied by days since those coins last moved on-chain, adjusted for bitcoin supply.

10+ Years HODL Wave screenshot
10+ Years HODL Wave

Bitcoin 10+ year HODL wave chart, showing percentage of bitcoin that has not moved onchain for 10+ years.

Make smarter decisions about Bitcoin. Instantly.

Access the Bitcoin and Global Macro Charts that really drive Bitcoin’s price.

+40 chart alerts. Never miss critical levels on charts again.

Analysis newsletter. Manage your emotions at market extremes.

Private Tradingview indicators. See Bitcoin chart levels in real time!

Cancel anytime.

Learn More

Any information on this site is not to be considered as financial advice. Please review the Disclaimer section for more information.