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>I'm sure he would have left them in if the chart looked right.

Really? You're sure? Actually, the top 100 addresses would almost certainly have supported his thesis even more, since they include high-transaction rate addresses from the exchanges, and the betting companies.

>I see he's excluding the 100 most popular addresses. Is there any justification for that?

Probably because most of the top 100 are things like SatoshiDICE.

They're mostly things like Satoshi Dice, which will skew the results weirdly.

https://blockchain.info/popular-addresses