Definition. The supply of BTC currently in loss (current price below acquisition price), segmented by holding-period age cohort from hot (recently moved) to cold (long dormant).

Technical. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level 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. Metrics for UTXO-based assets may show slight deviations if compared across these different computational methods.