Definition. The total realized loss, segmented into long-term holder (LTH) and short-term holder (STH) cohorts. Realized loss is the summed difference between acquisition price and sale price across all spent coins where the sale price was lower than the acquisition price.

Technical. Long-term and short-term holder supply is defined with respect to the entity's average purchasing date, with weights given by a logistic function centered at an age of 155 days and a transition width of 10 days. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level to keep results comparable across digital assets and consistent across different blockchain architectures. This contrasts with the UTXO-based approach available for some chains (e.g. Bitcoin), and cross-method comparisons may show small deviations.

Interpretation. Surfaces how realized losses split between long-term and short-term holders. Answers questions of the form: are long-term holders experiencing more losses than short-term holders?