Definition. The total circulating supply of a digital asset, 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 supply is distributed across investor classes, a proxy for concentration versus diversity. Answers questions of the form: is the majority of supply held in larger wallets (whales) — a concentrated market — or evenly distributed across smaller wallets (retail investors) — a diverse market?