Every number carries its observation context.
Isobath is useful only if traders can judge the strength of the record. Every figure carries its own observation window, population, freshness and coverage where available. This page explains how to read those fields, and what "material" means before a change reaches a ranked list.
What travels with every answer
Four fields, attached to every figure Isobath shows -- not asserted once and assumed to still hold.
How a change earns its place on the list
A ranked list is only worth trusting if you can understand why a wallet reached it. The rule is fixed, applied to every event the same way, and shown next to it -- never inferred from how dramatic a number looks.
- 01
Major wallet · structural change
A top-10-by-position, or ≥1%-of-market-exposure, wallet opened, closed, or flipped a position.
- 02
Major wallet change
That same class of wallet added to or reduced an existing position -- material, but not structural.
- 03
Structural position change
Any other wallet opened, closed, or flipped a position.
- 04
Material observed change
Every other canonical change large enough to clear the material threshold.
Ties inside a band break on absolute dollar size, then a fixed event identifier -- never on which story reads better. A large position is never treated as "smart money," and long or short is never treated as good or bad by itself.
How to use this responsibly
Wallet changes are descriptions of successive observations. Use them as evidence for investigation: who changed risk, how large the change was, what the account held before, and what the record shows. They are not claims about identity, intent, trading skill or future price.
Where coverage is incomplete today
Not every market has the same depth of history yet -- newer markets show fewer preserved observations, and that's stated plainly on their own pages rather than smoothed over. Coverage grows as observation continues; it is never assumed complete.