The Spent Volume in Loss is a metric that calculates 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 Wallet Size metric further refines this by categorizing digital assets according to the size of their wallets. This provides a granular view of the volume of assets sold at a loss by different investor classes, from whales to retail investors. This metric is particularly useful for understanding the distribution of loss-making sales across different wallet sizes and identifying potential risk concentrations. For example, it can help answer questions like, 'Are larger wallets (whales) selling their assets at a loss more frequently compared to smaller wallets (retail investors)?'

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.