Definition. Market Cap by Age decomposes Market Capitalization, the total market value of a digital asset computed as current market price multiplied by total supply, by the holding-period age of the underlying coins. Cohorts span from hot supply (newly acquired) to cold supply (older, dormant coins).

Technical. The breakdown uses 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 across the two computational methods.

Interpretation. Surfaces how market value is distributed across hot-to-cold age cohorts. Answers questions of the form: is the majority of market value held in older or newer coins?