Definition. Realized Capitalization (Realized Cap) segmented by wallet-size cohort, from large holders (whales) down to small retail balances. Realized Cap is the total acquisition cost of all coins in circulation, valued at the price each unit last moved. The breakdown attributes that cost basis across investor classes, showing what share of network wealth each cohort carries.

Technical. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level to facilitate comparability across digital assets and to ensure consistent analysis across various blockchain architectures. This contrasts with the alternative UTXO-based approach for chains like Bitcoin, where unspent transaction outputs are analyzed to categorize asset properties. Metrics for UTXO-based assets may show slight deviations if compared across these different computational methods.

Interpretation. Surfaces how cost-basis stock is distributed across investor classes, from whales down to retail. Answers questions of the form: are larger wallets (whales) holding a greater proportion of the acquisition cost than smaller wallets (retail investors)?