Definition. Market Value to Realized Value (MVRV) ratio segmented by wallet-size cohort, from large holders down to small retail balances. MVRV compares market capitalization (current market value) to realized capitalization (the value of coins when they last moved). The breakdown decomposes the unrealized PnL stance across investor classes.

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 unrealized valuation differs across investor classes, from whales down to retail. Answers questions of the form: are larger wallets (whales) holding their coins at a higher relative valuation than smaller wallets (retail investors)? A cohort reading above 1 places that wallet-size band in aggregate unrealized profit, a reading below 1 places it in aggregate unrealized loss.