What a top-10 holder figure hides

A raw top-10 holder share counts whatever the ten largest addresses happen to be. In practice that routinely includes an exchange’s omnibus wallet, a liquidity pool, a bridge contract, a locked treasury or a burn address. Those are different things: an exchange wallet is custodied on behalf of thousands of people and a burned balance is gone for good, while a treasury or vesting contract is very much someone’s to release later. Lumping them together with private holders makes the number say less than it appears to.

We classify every one of the ten largest holders before counting, and publish the figure for private wallets only. Below are the assets where that changes the answer most. Each row names the largest wallet we set aside, so the correction can be checked on a block explorer rather than taken on trust.

Two honest caveats. Classification relies on public address labels, so an unlabelled custodial wallet is still counted as private — these corrections are a floor, not a complete accounting. And excluded supply is not automatically harmless: burned tokens are gone for good, but treasury and vesting holdings can reach the market when they unlock.

Use the data

Every wallet behind these corrections is published as static JSON at /dataset/v1/excluded-holders.json — no key, no registration, CC BY 4.0. The dataset documentation covers field definitions and citation, and our methodology explains exactly which labels are treated as custodial.