The Realized Capitalization (Realized Cap) is a significant metric that calculates the total acquisition cost of all coins in circulation, based on the price at the time each unit last moved. The Realized Cap by Wallet Size metric further refines this by categorizing digital assets according to the size of their wallets, providing a granular view of the network wealth held by different investor classes, from whales to retail investors. This metric is particularly useful for identifying potential discrepancies in the investment base and understanding the behavior of different investor classes. For instance, it can help answer questions like, 'Are larger wallets (whales) holding a greater proportion of the acquisition cost 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.