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?

This is the Point-in-Time (PiT) variant of Supply 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.