Definition. The total volume of digital assets spent, segmented into Long-Term Holder (LTH) and Short-Term Holder (STH) cohorts.

Technical. LTH/STH supply is defined with respect to each entity's average purchasing date, with cohort weights given by a logistic function centered at 155 days and a transition width of 10 days. Breakdown metrics use an address-based approach, analyzing transactions and holdings at the individual wallet-address level to support comparability across digital assets and consistent analysis across blockchain architectures. This contrasts with the UTXO-based approach used for chains like Bitcoin, so metrics for UTXO-based assets may show slight deviations across the two computational methods.

Interpretation. Surfaces how total sale volume splits between long-term and short-term holders. Answers questions of the form: are long-term holders selling their coins more frequently than short-term holders?