Heads up — this is not entity clustering. Each bubble is a single Bitcoin address holding NAT, sized by balance. Lines show direct NAT transfers between addresses on this map. Two separate bubbles can belong to the same person, exchange, or team — we don't have BTC UTXO-level data to merge addresses by control. Color groups bubbles by their first funder (the wallet that originally sent them NAT), which is a useful but imperfect heuristic for spotting team / sybil / airdrop allocations.