Definition. The total volume of coins sold at a loss, segmented by wallet-size cohort. A sale is in loss when the sale price was lower than the acquisition price. Cohorts span from whales to retail investors based on native-asset balance.

Technical. 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 concentrates across investor classes, from whales down to retail. Answers questions of the form: are larger wallets (whales) selling their coins at a loss more frequently than smaller wallets (retail investors)?