Definition. Market Capitalization (Market Cap) segmented by wallet-size cohort, from large holders (whales) down to small retail balances. Market Cap is the total market value of an asset, computed as current market price multiplied by total supply. The breakdown attributes that valuation across investor classes, showing what share of total market value 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 market value is distributed across investor classes, from whales down to retail. Answers questions of the form: are larger wallets (whales) holding a greater proportion of market value than smaller wallets (retail investors)?