Definition. The total volume of digital assets spent, segmented by holder wallet-size cohort, from whale-scale balances down to retail.

Technical. Breakdown metrics use an address-based approach, analyzing transactions and holdings at the individual wallet-address level to support comparability across digital assets and consistent analysis across blockchain architectures. This contrasts with the UTXO-based approach used for chains like Bitcoin, so metrics for UTXO-based assets may show slight deviations across the two computational methods.

Interpretation. Surfaces how total sale volume concentrates across investor classes, from whales down to retail. Answers questions of the form: are larger wallets (whales) selling their coins more frequently than smaller wallets (retail investors)?