Definition. The cumulative token supply held by each of five behavior-based investor cohorts: Conviction Buyers (buying into falling prices and lowering their cost basis), Momentum Buyers (buying into uptrends and raising their cost basis), First Buy (first-time entrants), Loss Sellers (exiting at a loss), and Profit Takers (locking in gains).

Technical. Exchanges and smart contracts are excluded so the series reflects investor behavior only. For Bitcoin the analysis is performed at the entity level rather than the address level, grouping addresses that belong to the same user.