Why are whale holdings 1.25%?

CoinMarketCap have “Whale holdings” at 1.25%. Anyone able to explain how to calculate that %?

It can’t be % of addresses, since there are several hundred million, whether you consider only non-empty or not.

Also, it cannot be % of Bitcoin held by whales, since the definition they give for a whale is having 1% or more of supply (could only be 1 whale in this case, yet we know of multiple entities with 1% or more).