The total supply of a digital asset is a fundamental metric representing the total quantity of that asset in circulation. The Supply by Wallet Size metric further refines this by categorizing the total supply according to the size of their wallets, providing a granular view of the distribution of the total supply across different investor classes, from whales to retail investors. This metric is particularly useful for understanding the distribution of the total supply across different wallet sizes, which can provide insights into the diversity and concentration of a digital asset's market. For example, it can help answer questions like, 'Is the majority of the total supply held in larger wallets (whales), indicating a concentrated market, or is it more evenly distributed across smaller wallets (retail investors), indicating a diverse market?'

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 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.