Spent Volume is a key metric that calculates the total volume of digital assets that have been sold, providing a comprehensive view of overall market activity. The Spent Volume by Wallet Size metric further refines this data by categorizing digital assets according to the size of their wallets. This offers a detailed view of the volume of assets sold by different investor classes, from whales to retail investors. This metric is particularly useful for understanding the distribution of sales across different wallet sizes and identifying potential market trends. For example, it can help answer questions like, 'Are larger wallets (whales) selling their assets more frequently 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.

This is the Point-in-Time (PiT) variant of Spent Volume by Wallet Size. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.