A first snapshot from a new ICP data engine suggests large holders reduced their share of the token supply during the network’s early phase, before the pattern levelled out. The internal dataset draws on on-chain records traced back to the genesis block and is designed to offer more consistent tracking of long-term behaviour across major wallets.
According to the initial view, holdings among the biggest wallets appear to have fallen by around a quarter between launch and the first quarter of 2024. After that early adjustment, the distribution seems to have steadied with only modest changes. The team behind the engine says this is the most precise historical reconstruction of ICP whale activity they have produced so far.
The upcoming release aims to make these metrics available for public use. One of the more notable additions is a count of whale addresses over time. Analysts tracking ICP have previously worked with fragmented datasets, so a continuous timeline may help answer recurring questions about distribution trends, selling pressure and long-term holder behaviour.
It is worth noting that whale metrics can be interpreted in different ways. Some traders view a reduction in concentration as a sign of healthier distribution, while others point out that early declines can reflect anything from token unlocks to normal market reshuffling. A shift in large wallets does not automatically signal strengthening or weakening demand without broader context, such as exchange flows, developer activity or retail participation.
As the full version of the engine rolls out, clearer historical baselines may help bring more grounded analysis to a market that often relies on partial snapshots. For now, the preview offers a useful starting point and hints at a more detailed toolset for examining ICP’s on-chain structure.
Source :@icterminal
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