GTA 6 paying you in Bitcoin was only ever a rumor. And the reporter who started it now believes it was scrapped years ago. But the final trailer does show a coin. It is called Dacity Coin, and Rockstar made it up. Within an hour, people were buying a real token with the same name. Stay to the end, and you will know which GTA 6 coins are real, and why none of them are Rockstar's.

GTA 6 and Bitcoin

Where did the Bitcoin rumor come from? In June 2021, a games reporter named Tom Henderson posted that some GTA 6 missions would pay in Bitcoin instead of cash. June 2021, the Bitcoin rumor. November 2022, Rockstar bans crypto on fan-run servers. February 2026, the rumor is called off. And October 2026, a coin in the final trailer. Asked about it again in February, Henderson answered in seven words. I believe this was scrapped years ago. No leak, trailer or official reveal since has shown a mission that pays in crypto.

Where did the Bitcoin rumor come from?

What is Dacity Coin? Around fifty-five seconds into the launch trailer, released on October fifteenth, a stunt plane flies past. Painted on its side are two names. DacityCoin, and AudaCity. And someone on its wing lights a pink flare. AudaCity is a made-up brand inside the game, and Dacity Coin is its made-up coin. GTA has always done this. GTA Five mocked Facebook with a fake network called LifeInvader, and ran fake stock markets instead of real ones. So a city full of influencers and fast money was always going to get a meme coin. But can you actually earn one, or buy one? Missions that pay in Bitcoin, scrapped. N F T cars and houses, never shown. An official GTA token, there is none. A made-up coin, for the story. That one is real.

What is Dacity Coin?

Why would Rockstar avoid real crypto? Its only official word on crypto is a ban. In November 2022, Rockstar told fan-run GTA roleplay servers to stop using crypto and N F Ts. That was the year gaming N F Ts collapsed, and players turned on the publishers who tried them. And real coins would wreck the game's economy. A crash would wipe out your progress. A rally would break the balance. And anything worth real money turns a game into a financial product, with different rules in every country. A currency that Rockstar controls itself is simpler, and in GTA Five's online mode, it has already earned billions.

Why would Rockstar avoid real crypto?

Where is the real crypto? Outside the game. And it is a trap. In August 2026, an anonymous leaker going by Cyberleek began posting stolen GTA 6 clips. Every clip carried the name of a meme coin, and a promise: the higher its price, the more leaks. That is a loop, and it feeds itself. A new leak goes out. Fans buy the coin. And the price climbs, so another leak is promised. The coin peaked at about twenty-five million dollars, on August twenty-third. Then, on August twenty-seventh, hours before Rockstar's own gameplay reveal, wallets linked to the creator sold. An estimated two hundred and fifty thousand dollars, or more. Within a day, the price had roughly halved. And on trailer day, a copycat token called Dacity jumped about twenty-nine hundred percent in an hour, then gave back half of it. Neither coin is Rockstar's.

Where is the real crypto?

Will GTA 6 have crypto? A joke one, yes. A real one, no. The Bitcoin was a rumor. The coin is a joke. The scams are real. Nothing in this video is financial advice. So, when a coin with GTA in its name shows up in your feed next month, would you check who is selling it?

Will GTA 6 have crypto?

GTA 6 paying you in Bitcoin was only ever a rumor - but the final trailer does show a coin. Here is what Dacity Coin is, where the Bitcoin rumor came from and why it was called off, why Rockstar stays away from real crypto, and the two real tokens trading on the game's name before its 19 November 2026 launch.

What Is Dacity Coin? The Crypto in GTA 6, Explained

One word from your AI would fill hundreds of blocks. So the AI you use could not run on a blockchain. And yet there is a whole field called decentralized AI. So what does a blockchain actually do for an AI, if it cannot run one? Stay to the end, and you will know the one thing the chain can check, and the one thing it never can.

The AI you use

What is a blockchain good at? A blockchain is not one computer. It is thousands of them, keeping one record together. Every one of them repeats every step, and checks that the others got the same result. Send it one job, like a single word from an AI model, and every computer on the network does the same math, again. That repetition is the whole point. No one machine decides, so nobody has to trust one. But it also makes a blockchain the most expensive place there is to do math.

What is a blockchain good at?

Could a big AI model run on-chain? On Ethereum, every step a program takes has a price, paid in units called gas. And every block has a ceiling on how much gas fits inside it. Now take a mid-sized AI model, with seven billion parameters. Every word it writes takes about seven billion multiplications, and as many additions. At the cheapest price Ethereum charges for those, that is fifty-six billion units of gas, for one word. A full block has room for well under a billion. That one word needs fifty-six billion. So a single word would take hundreds of blocks, back to back, twelve seconds apart. And storing the model itself on the chain would cost millions more. So the big models stay off the chain. What goes on it is something else.

Could a big AI model run on-chain?

What does decentralized AI put on-chain? It splits the job in two. Off the chain, on ordinary hardware, the model itself, the heavy math, and the data it reads. And on the chain, a proof of what ran, the payment, and a deposit it can lose. The model runs on graphics cards, like any other AI. Then it hands back its answer, with a way to check it. A proof, which the chain checks with math. A challenge window, where anyone can dispute the answer. Or an oracle, a service you trust to vouch for it. Making a proof can take minutes. Checking it takes well under a second. And it costs, at most, about a fortieth of one block. With a challenge window, the answer stands unless someone proves it wrong. And a provider that lied loses the deposit it put down. So the chain does not do the thinking. It checks the work, and it holds the money.

What does decentralized AI put on-chain?

What can't a proof prove? A proof says the math was done, exactly as written. It can prove which model ran, what it was given, and that the math was done. It cannot prove the answer is true. Train a model on poisoned data, and it gives a poisoned answer, with a perfect proof. And a cleverly worded prompt can talk a model into the wrong answer. The proof checks out anyway. So the hard rules cannot live inside the model. They live in the contract around it. A cap on what it can spend. A limit on how far a price can slip. A list of addresses it is allowed to pay. Those rules do not guess. The contract refuses anything outside them.

What can't a proof prove?

Can AI run on a blockchain? Not the big models. What runs there is the receipt, the rules and the money. The blockchain does not think. It checks. Nothing in this video is financial advice. So, the next time a project says its AI runs on the blockchain, would you ask what the chain actually checks?

Can AI run on a blockchain?

One word from the AI you use would fill hundreds of blockchain blocks, so it could not run on one. Here is why: what a blockchain actually is, the arithmetic of running a 7-billion-parameter model on Ethereum, what decentralized AI really puts on the chain instead, and the one thing a proof can never prove.

Can AI Run on the Blockchain? Decentralized AI Explained

In stocks, a twenty percent fall makes a bear market. Bitcoin has had four that went past seventy-five percent. And along the way, there were rallies that looked like the end of it. So what is a bear market in crypto, and why does it go so much deeper? Stay to the end, and you will know why a forty percent jump does not mean it is over.

In stocks, twenty percent

How far does it have to fall? A bear market is a long stretch of falling prices, measured from the last peak. In stocks, the usual line is twenty percent. Bitcoin in 2011 fell more than ninety. In 2014 and 2015, eighty-six. In 2018, eighty-four. And from 2021 to 2022, seventy-seven. Smaller coins often fall further, seventy to ninety-five percent, and some never come back. These stretches last, often six to eighteen months, with sharp rallies along the way. So a crypto bear market is not just a dip that went on too long. Swings get bigger, and money gets pickier about where it goes.

How far does it have to fall?

Why does crypto fall so much further? Bear markets usually start when pressures stack up. Borrowing gets more expensive, a big lender or exchange fails, or new rules scare fresh money off. But two things make crypto's falls deeper, and the first is borrowed money. A leveraged trade puts a little money down, and borrows the rest. If the price falls far enough, the exchange closes the trade for you, by selling it. That forced sale is called a liquidation. And each forced sale can knock over the next, like a row of dominoes. The price falls. Leveraged trades hit their limit, and get sold. That selling pushes the price down again. And round it goes. When stocks fall that fast, the exchange can pause trading. It is called a circuit breaker. That is the second thing. Crypto has no pause, and trades every hour of every day. So a cascade that would take days elsewhere can run in hours.

Why does crypto fall so much further?

What does a bear market look like? Each high lands lower than the last, and each low lands lower too. Then, near the bottom, the price jumps forty percent in a week. Traders call a jump like that a bear market rally. Even the green days can be ten percent up, and still go nowhere. Underneath, fewer buyers wait at each price, so every sale moves it further. And money huddles into Bitcoin, so its share of the whole market tends to rise. To plenty of people watching, every rally still looks like the end of it.

What does a bear market look like?

Why doesn't a 40% jump end it? Because a fall and a jump are not measured from the same place. Start with a hundred dollars at the top. An eighty percent fall leaves twenty. A forty percent jump on twenty takes it to twenty-eight. That is still seventy-two percent below the top. To get back to a hundred, twenty has to grow five times over. A four hundred percent gain, just to get back to where it started. And the deeper the fall, the steeper that climb gets. Bitcoin's fall in 2018 needed more than five hundred percent, just to get back to its old high.

Why doesn't a 40% jump end it?

Measured from the top. A rally is measured from the bottom. That is why one green week can look like the end of it, and not be. Nothing in this video is financial advice. So, the next time a coin jumps forty percent in a week, would you check how far it still is from the top?

Measured from the top

A bear market in stocks starts at a twenty percent fall. Bitcoin has had four that went past seventy-five percent. Here is how a bear market is measured, why crypto falls so much further - borrowed money, forced selling that feeds itself, and a market that never pauses - what one looks like from the inside, and why a forty percent jump in the middle of one can still leave a coin seventy-two percent below the top.

What Is a Bear Market in Crypto? Why the Drops Go So Deep

The Bitcoin halving is not on anybody's calendar. Every 210,000 blocks, the code cuts the pay for mining new bitcoin in half. There is no vote, and no one person can change it. It started at fifty new coins a block, and it has been cut in half every four years since. Stay to the end, and you will know when the next one lands, and what the code does not promise.

Not on anybody's calendar

So where do new bitcoins actually come from? Roughly every ten minutes, a miner adds a new block to Bitcoin's ledger. The network pays it the fees inside that block, and a batch of brand new bitcoin. That new batch, the block subsidy, is the only way a bitcoin is ever created. So the whole supply runs on three steps. A miner finds a block. The network pays it in new bitcoin. And every 210,000 blocks, that pay is cut in half. That last step is the halving. Think of it as a pay cut every four years, however good the miner's machines get. It is a rule in the software, and every computer running Bitcoin checks it.

Where do new bitcoins come from?

So why roughly every four years? 210,000 blocks, at about ten minutes each, comes to roughly four years. But the code counts blocks, not days. When miners find blocks faster, the halving arrives early. When they slow down, it arrives late. So any date you see for the next one is an estimate, not a deadline.

Why every four years?

So how far has the pay actually fallen? Fifty bitcoin a block, from 2009. Twenty-five, from November 2012. Twelve and a half, from July 2016. Six point two five, from May 2020. And three point one two five, since April 2024. Each bar is half the one above it. The next halving is expected around April 2028, at block 1,050,000. The pay drops to about one and a half bitcoin a block, and new supply to about two hundred and twenty-five coins a day.

How far has the pay fallen?

So what happens to the miners? Overnight, the part of their pay made of new coins is cut in half. Unless fees or the price make up the difference, the oldest, least efficient machines stop paying for their own electricity. And some of them get switched off. So does Bitcoin slow down? Miners leave, and the computing power drops. Blocks start arriving slower than ten minutes. Every 2,016 blocks, the network lowers the difficulty. And blocks settle back to about ten minutes. It works in reverse too, and it has held through every halving so far.

What happens to the miners?

So does the halving push the price up? It is the claim you hear most, every four years. Here is what the code guarantees. Half as many new coins per block, every 210,000 blocks, up to a cap of twenty-one million. And here is what it does not. Any move in the price, an exact date, or every miner staying online. The halving changes how many new coins arrive. Demand, the other half of any price, is not in the code at all.

Does the halving push the price up?

So what happens when the halvings run out? Halving fifty, over and over, gets small very fast. The first four years alone minted ten and a half million coins, half of all the bitcoin there will ever be. Put that on a timeline, and the shape is lopsided. Mining starts in 2009. By 2024, about ninety-four percent of it is mined. And the last fraction of a coin is expected around 2140. Fifteen years for almost all of it, and more than a century for the rest. When the new coins finally stop, miners will be paid by fees alone. So over the coming decades, the network's security has to move from new coins to fees.

What happens when the halvings run out?

So the halving is a rule, not an event. It runs every 210,000 blocks, whoever is watching, and whatever the price is doing. It cuts new supply. It promises nothing else. Nothing in this video is financial advice. So, the next time someone gives you a date for the halving, would you check the block count instead?

A rule, not an event

The Bitcoin halving is not a date anyone sets. Every 210,000 blocks, roughly every four years, the code cuts the new bitcoin paid to miners in half. Here is where new bitcoin comes from, every halving so far and when the next one is expected, why the network keeps its pace when miners switch off, what the code guarantees and what it does not, and why half of all bitcoin was mined in four years while the last fraction takes until around 2140.

What Is the Bitcoin Halving? How It Works and When the Next One Is

A five cent coin feels like an easier win than a hundred dollar one. But its size was never its price. Size is market cap, and it is one multiplication. Once you can do it, the cheap coin stops looking cheap. Stay to the end, and you will know why a low price is not room to grow, and which coins a market cap is quietly counting.

A cheap coin is not a small coin

How is market cap calculated? Cut a pizza into eight slices, or into a thousand. Every slice gets cheaper. The pizza does not get any bigger. A coin's price is the price of one slice. Market cap is the whole pizza: the price, times the number of coins in circulation. So run three coins through it. A hundred dollar coin, with a hundred thousand of them, is ten million. A fifty dollar coin, with a million of them, is fifty million. And a five cent coin, with a billion of them, is fifty million as well. The cheapest coin on that list is five times the size of the dearest.

How is market cap calculated?

Is a cheap coin easier to double? Take the fifty dollar coin and the five cent coin from that list. For either one to double, the market has to value it at fifty million dollars more. Five cents to ten cents sounds like nothing. It is the same fifty million. Now push that arithmetic all the way. The whole world economy produces roughly a hundred trillion dollars a year. A coin with five hundred trillion in circulation, at one dollar each, would be worth five times that. A price with a lot of zeros in front is not room to grow. Usually, it is just a lot of coins.

Is a cheap coin easier to double?

Which coins does it count? Circulating supply sounds like a precise number. It is a definition, and data sites draw it differently, so the same coin can be measured three ways. Market cap counts the coins circulating today. Fully diluted value counts every coin that will ever exist. And free float counts only the coins that can realistically trade. Team wallets, treasuries and locked tokens can sit inside the first number, and still be nowhere near a market.

Which coins does it count?

What happens when locked coins unlock? Many new tokens launch with a large share promised to a team, early investors and a treasury. Say a billion exist, and a hundred million circulate today. Its fully diluted value is then ten times its market cap. The other nine hundred million arrive on a vesting schedule. Draw the circulating supply over time, and it does not rise smoothly. It jumps, on the day a block of locked coins is released. Every unlock adds coins that were never part of the market cap you were shown.

What happens when locked coins unlock?

Who actually set that price? Go back to the pizza. Market cap prices every slice at whatever the last one sold for. But that price only came from the coins that actually traded. Take a new token with a billion minted, and only a hundred thousand on sale. A handful of trades in those hundred thousand tokens, prints a price of ten dollars. That price is then applied to all billion tokens, and the screen shows a ten billion dollar valuation. Nobody paid ten billion dollars. A few trades set a price, and the multiplication did the rest.

Who actually set that price?

What does market cap leave out? How much of the supply can actually trade. When the locked coins arrive. Who holds most of it. And how deep the market behind it is. Market cap tells you none of them. A crowded market can absorb a large order. A thin one moves the moment you touch it. Even a five hundred million dollar coin with a shallow order book can slip five percent on one moderate order.

What does market cap leave out?

So what is market cap good for? It is the cleanest way to compare the size of two coins, and the reason a five cent coin is not automatically small, or automatically early. It is a starting line, not a verdict. Nothing in this video is financial advice. So, the next time a coin looks cheap, would you check how many of them there are?

So what is market cap good for?

A five cent coin feels like it has more room to grow than a hundred dollar one. It does not - because a coin's size is its market cap, the price times the number of coins in circulation. Here is how it is calculated, why doubling takes the same money at any price, the difference between market cap, fully diluted value and free float, what unlocks do to the gap between them, and how a handful of trades can put a ten-billion-dollar valuation on a screen.

What Is Market Cap in Crypto? Price x Supply Explained

Ten bitcoins once moved to a cryptographer called Hal Finney. It was the twelfth of January, two thousand nine. The first time Bitcoin had ever been used to pay anybody. Three days after the software existed at all. And five years earlier, he had built digital money of his own. It worked. And it still needed somebody in the middle. Stay to the end, and you will know what those ten coins actually proved - and why the man who received them already knew exactly what he was looking at.

Ten coins, worth nothing

What was Bitcoin on day one? The software was released on the ninth of January, two thousand nine. Finney downloaded it the same day. He was the first person other than its creator known to run it. His computer started mining, and it found block seventy-eight. But mining is not spending. Mining creates new coins and writes them into the ledger. It never once proves that a coin can be handed to somebody else. So for three days, Bitcoin was a system that could make money and had never moved any.

What was Bitcoin on day one?

So who was Hal Finney? He was a cryptographer, and he had been one for a long time. He studied engineering at Caltech. He worked on P G P, the encryption that first made private email possible for ordinary people. And he spent the nineteen nineties on the cypherpunk mailing lists, arguing that cryptography was how ordinary people would keep their privacy. His whole working life runs along one line. Nineteen seventy-nine. He leaves Caltech with an engineering degree. Two thousand four. He builds digital cash of his own. Two thousand nine. He receives the first Bitcoin payment ever sent. Two thousand fourteen. He dies of ALS.

So who was Hal Finney?

Why did digital money keep failing? Every attempt before Bitcoin ran into the same wall. A digital coin is a file. And a file can be copied. Spend the same coin twice, and nobody can tell which payment was the real one. In two thousand four, Finney built the closest anyone had come to solving it. He called it reusable proof of work. You spent real computing time to make a token, and then you could pass that token on. But look at what had to happen every time it changed hands. You spend real computing power to make a token. You send it on to somebody else. Their copy gets checked against a register. And one machine, somewhere, is keeping that register. He protected that machine about as well as anyone could. It could even prove which program it was running. But it was still one machine. Trust it, or the money does not work.

Why did digital money keep failing?

So what did ten coins prove? Which brings us back to the twelfth of January. Satoshi Nakamoto sent ten bitcoins, and Finney received them. It is written down in block one hundred and seventy. Now run the same four steps again. One person signs a payment. Every computer on the network checks it. And it is written into a ledger nobody owns. There is no fourth step. Nothing in that chain is a machine you have to trust. That is the whole difference between what he built and what he was sent.

So what did ten coins prove?

Worth nothing, and it still counted The ten coins were worth nothing. There was no price, no exchange, and almost nobody watching. What moved that day was not money. It was proof. And the man holding it had spent five years building the version that still needed a middle. He had written down what he thought the point of all of it was. The computer can be used as a tool to liberate and protect people, rather than to control them. Nothing in this video is financial advice. So, what do you think - if you had been sent those ten coins that morning, would you have known what you were holding?

Worth nothing, and it still counted

On 12 January 2009, ten bitcoins moved from one computer to another - the first time Bitcoin was ever used to pay anybody. The man who received them, Hal Finney, had built digital cash of his own five years earlier, and it had still needed one trusted machine in the middle. Here is what those ten coins actually proved.

What Was the First Bitcoin Transaction?

A post from Elon Musk buys nothing, sells nothing, and changes nothing about a coin. Prices have moved on one anyway. Sometimes inside a minute. People gave that pattern a name. The Musk effect. But the interesting part was never the man. It is what those posts accidentally measured. Stay to the end, and you will know why the same post can shake one coin and barely move another.

A post buys nothing

What is a price, actually? A price is not a measure of what something is worth. It is the last offer somebody actually filled. Behind every coin sits a queue of offers to sell, stacked at rising prices. Take the cheapest one, and the next offer up becomes the new price. So here is what a post actually does. A post lands in front of millions of people at once. A fraction of them decide to buy in the same few minutes. They take the cheapest offers in the queue, one after another. The number everybody sees moves, which brings more people to look. Nobody in that chain had to believe anything about the coin. They only had to arrive at the same time.

What is a price, actually?

Why does the move fade? Attention does not last. Within a day the post has been read, everyone who was going to act has acted, and the queue of offers refills. Draw the attention itself, and the shape is always the same. It climbs almost vertically the moment the post lands, and then it drains away for days, while nothing about the coin has changed at all. The record of these episodes is blunt about it. Sharp rallies, followed by sharp corrections. And that is the giveaway. A change in what something is worth would stay. A change in who is watching has to fade, because attention always does.

Why does the move fade?

Has it ever gone the other way? This is the part that usually gets left out. In February twenty twenty-one, Tesla put one and a half billion dollars of its own cash into Bitcoin. What happened around it ran in both directions. Twenty fourteen. He denies being Bitcoin's creator. Twenty nineteen. A joke poll makes him chief executive of Dogecoin. Twenty twenty-one. Tesla buys Bitcoin, takes it for cars, then stops, over the energy that mining uses. Twenty twenty-two. Tesla sells about three quarters of what it bought. The same account was behind the moves up and the moves down. So a post was never a direction. It was only a crowd arriving.

Has it ever gone the other way?

Why barely move Bitcoin? Because the effect was never really about the poster. It was about the queue. A deep market has offers stacked at every level above the price. Money arrives, gets absorbed, and the number hardly moves. Take a deep market. Offers stacked at every level. A wave of buying gets absorbed. The number barely moves. Now compare that with a thin one. Almost nothing sitting above the price. The same wave empties the queue. And the number jumps. So the size of the reaction was never a measure of how convincing the post was. It was a measure of how little was standing behind the price.

Why barely move Bitcoin?

So what was being measured? Strip the name off it, and the Musk effect is not a story about one man at all. It is a measurement of how thin a market is. The posts were loud. The queue behind the price was short. Only one of those was ever about him. Nothing in this video is financial advice. So, what do you think - if one post can move a price that far, what was that price actually telling you?

So what was being measured?

A post buys nothing and sells nothing, and crypto prices have moved on one anyway. Here is the actual mechanism - what a price is, why a queue of offers empties when everybody arrives at once, why the move always fades, and why the size of the reaction measures the market rather than the man.

Why Do Elon Musk's Posts Move Crypto Prices?

The biggest Bitcoin wallets on earth do not belong to people. They belong to exchanges. And almost every coin inside them belongs to somebody else. A crypto whale is a holder big enough to move a market on its own. But a wallet never tells you who is behind it, or whether the coins in it are even theirs to spend. Stay to the end, and you will know how to read a whale alert instead of reacting to one.

The biggest wallets are not people

What counts as a whale? There is no official line. The word is relative to the supply and to how much of it trades. In Bitcoin, watchers start using the word at a thousand coins. In Ethereum, the number people reach for is ten thousand. In a small token with a thin market, a fraction of one percent is enough. Twenty-one million bitcoin will ever exist, and about nineteen point seven million had been mined by twenty twenty-four. So a thousand coins is a rounding error against the supply, and still more than a thin market can absorb at once.

What counts as a whale?

Who is behind a whale wallet? Size tells you nothing about intent. There are five kinds of holder at this scale, and only one of them is the lone trader people picture. An early individual holder. A company holding coins as a treasury. A fund, or a market maker. A foundation, or a protocol treasury. And an exchange, or a custodian. Four of those are spending their own money. The fifth is holding yours.

Who is behind a whale wallet?

Whose coins is an exchange holding? When you leave crypto on an exchange, the exchange holds the keys. Your balance is a number in its database. The coins themselves sit in wallets it controls. So one address can hold more bitcoin than almost anybody alive, and every coin in it is a claim somebody else has on that company. Which is why the biggest wallets on any chain are usually custodians. They are not investors. They are warehouses.

Whose coins is an exchange holding?

Does a big wallet mean a big move? A whale alert fires whenever a large transfer hits the chain. What it cannot tell you is why. Take coins moving onto an exchange. Somebody may be getting ready to sell. A fund may be rebalancing. Or a custodian may be moving its own inventory. Now compare that with coins moving off one. Somebody may be going to cold storage. A custodian may be topping up its reserves. Or it may mean nothing at all. The chain records the movement. It never records the reason.

Does a big wallet mean a big move?

So what is worth watching? You cannot know who is behind an address, and you usually cannot know why it moved. What you can know is who is holding your own coins. Because if they are sitting on an exchange, you are one of the claims inside somebody else's whale. Nothing in this video is financial advice. So, what do you think - is a custodian holding a million coins really a whale at all?

So what is worth watching?

A crypto whale is any holder big enough to move a market on its own - but the biggest wallets on most chains are not people at all. Here is what counts as a whale, the five kinds of holder at that scale, why exchanges sit at the top of every rich list, and what a whale alert can and cannot tell you.

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