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. Market Value to Realized Value Ratio (MVRV) is the related base variant without segmentation.

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. Realized value uses each address's average acquisition price as cost basis. Except for BTC and ETH, wallet-size bands are defined relative to total supply, and an address only moves to another band when its own balance changes. For ETH tokens, burn addresses are excluded. In each band, the metric equals Market Cap by Wallet Size / Realized Cap by Wallet Size. Note that the market cap in this metric is computed as the sum of all on-chain balances times the price. It may be different from the metric Market Cap, which excludes locked and treasury funds and includes supply on other blockchains.

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.