The trader segmentation looks nothing like it did 3 years ago.


Distribution was very balanced around Nov 2023:
• Whale: 4-22%
• Dolphin: 8-22%
• Fish: 34-62%
• Shrimp: 14-50%
But this balance shifted heavily in favor of whales over time.
By Mar 2026, the change is massive across every category except dolphin:
• Whale: 63-88%
• Dolphin: 2-24%
• Fish: 3-11%
• Shrimp: 1-11%
Retail was clearly pushed out.
The only ones left are institutional players and bots driving DEX activity.
This imbalance won't be easily changed.
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