Cryptocurrency

What Do Address Links Mean?

By Walid Mograbi · 2026-06-12 · 2 min read

Address links in a token distribution map are clues about how wallets have moved assets, not decorative graphics. Learn to read circles, lines, and clusters as a practical verification framework before drawing conclusions.

What do address links mean?

In this lesson, address links are the map’s core language for understanding how holders are connected through on-chain movement.

Visual language of a distribution map

• **Circle**: one holder (wallet/address).
• **Line**: a transfer path between two addresses on-chain.
• **Cluster**: a connected group that may indicate an intermediary or a shared source and needs extra review.

How to read the key symbols

• The **size of a circle** reflects how much that holder owns.
• The **lines** between circles show transfers between those holders.
• If circles form a **linked cluster**, it can point to hidden concentration risk or shared flow patterns.

Why this helps in analysis

It helps you read distribution more accurately before relying only on the holder count. The map gives context: concentration can appear different when you observe relationships, not just totals.

Practical checklist

• [ ] Identify the largest circles first.
• [ ] Follow major lines to understand which holders are directly connected.
• [ ] Look for linked clusters and treat them as signals to inspect.
• [ ] Avoid final conclusions based on holder count alone.

Quick visual guide

• **Title:** How to read address links?
• **Subtitle:** Fast visual guide for circles, lines, and clusters.
• **Legend:**
• Circle = Holder
• Line = Transfer
• Cluster = Linkage that needs verification

Important warning

A linkage is an **investigative clue**, not a final verdict about project quality or intent. Always validate with additional analysis before making decisions.

Source notes used

• How does it work? - Bubblemaps Wiki: https://wiki.bubblemaps.io/bubblemaps-v2/how-does-it-work
• Magic Nodes - Bubblemaps Wiki: https://wiki.bubblemaps.io/bubblemaps-v2/magic-nodes