According to @bobbyong, he questioned a circulating claim that only about 450 crypto participants are worth more than $10 million, referencing a post by @mdudas on X. source: @bobbyong on X, Oct 9, 2025; @mdudas on X. If accurate, such a small cohort would imply high wealth concentration that heightens whale-driven price impact and liquidity fragility, a dynamic documented in Bitcoin ownership research showing substantial concentration among top holders. source: Makarov and Schoar, NBER Working Paper 29396, 2021. For traders, this concentration argues for tighter slippage controls, attention to large on-chain transfers and order-book depth around catalysts, as outsized flows from large holders can amplify volatility. source: Makarov and Schoar, NBER Working Paper 29396, 2021; @bobbyong on X, Oct 9, 2025.