The Spent Volume in Loss is a metric that quantifies the total volume of digital assets sold at a loss, meaning the sale price was lower than the acquisition price. The Spent Volume in Loss by LTH/STH (Long-Term Holders/Short-Term Holders) metric further enhances this by categorizing digital assets into two cohorts based on the duration of holding. LTH/STH 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. This provides a more nuanced view of the volume of assets sold at a loss by both long-term and short-term holders. This metric is particularly useful for understanding the distribution of loss-making sales across these two market participants. For example, it can help answer questions like, 'Are long-term holders selling their assets at a loss more frequently compared to short-term holders?'

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.