The MVRV by Wallet Size metric is a more detailed version of the Market Value to Realized Value (MVRV) ratio. The MVRV ratio is a key indicator that compares the market capitalization (the current market value) to the realized capitalization (the value when the coins last moved). By categorizing digital assets according to the size of their wallets, the MVRV by Wallet Size metric provides a granular assessment of the Unrealized Profit or Loss held across different investor classes, from whales to retail investors alike. This metric is particularly useful for identifying potential discrepancies in the investment base and understanding the behavior of different investor classes. For instance, it can help answer questions like, 'Are larger wallets (whales) holding their assets at a higher value compared to smaller wallets (retail investors)?'

Note: The breakdown metrics utilize an address-based approach, analyzing transactions and holdings based on individual wallet addresses 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. As such, metrics for UTXO-based assets may show slight deviations if compared across these different computational methods.