Ecosystem Sector Map

WHAT IT DOES. Categorises liquid, established coins by market sector tag, showing which sectors carry the most market weight in the tracked universe and where a category has little or no representation.

WHY A STRUCTURAL MAP IS USEFUL AT ALL. Most analysis in this catalog is about individual assets or a portfolio. A map answers a different question: what does the opportunity set actually contain, and how is value distributed across it. That is the crypto analogue of knowing the sector composition of an equity index, and it is the context against which any portfolio's composition should be read.

THE TAXONOMY PROBLEM IS UNAVOIDABLE, and it is the same one the sector-rotation analyses face. Crypto has no single accepted classification comparable to GICS - vendors maintain competing schemes, tags are assigned by differing rules, and an asset commonly carries several. So sector weights are partly an artefact of the tagging scheme, and a map from one vendor's tags is not comparable to a map from another's.

MARKET WEIGHT IS PRICE TIMES CIRCULATING SUPPLY, which means sector weights move with PRICE. A sector 'carrying the most market weight' has, to a large extent, most recently performed - so the map describes the market's current valuation of each area rather than its size in any other sense. Read a change in sector weight as a price change unless something else establishes otherwise.

'LITTLE OR NO REPRESENTATION' IS THE MORE INTERESTING OUTPUT, and it needs careful reading. A sparsely represented category in the TRACKED universe may be genuinely small, or it may be excluded by the universe filters - too illiquid, too small, too new to clear the thresholds. Those are opposite conclusions, and the map cannot distinguish them. The absence is a fact about the universe as much as about the market: every screener inherits the universe's filters.

AND A GAP IS NOT AN OPPORTUNITY. That a category is thinly represented says nothing about whether it should be larger. Concentration in a few sectors may reflect where value has genuinely accrued.