Definition. The total volume of coins sold at a loss, segmented into long-term holder (LTH) and short-term holder (STH) cohorts. A sale is in loss when 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 loss-making sale volume splits between long-term and short-term holders. Answers questions of the form: are long-term holders selling their coins at a loss more frequently than short-term holders?