Definition. The total unrealized loss in USD across coins whose acquisition price is above the current price, normalized by the total USD value of those coins, segmented into age cohorts from hot supply (recently moved coins) through cold supply (older, dormant coins).

Technical. 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.