Definition. This chart compares the Cointime Economics supply regions with the total supply held at an unrealized loss. It shows three traces: 🟣 Circulating Supply, being the total coin supply; 🔴 Active Supply, reflecting a volume equivalent to the economically active supply; and 🟡 Total Supply in Loss, being the volume of coins with a realized price higher than the spot price.

Technical. The supply regions are constructed from Liveliness:

• Active Supply = Liveliness x Circulating Supply (🔴)
• Supply in Loss is taken directly from the corresponding metric (🟡)

Interpretation. Within a Cointime Economics framework, we make the claim that a traditional MVRV break-even value of 1.0 may in fact be masking the scale of unrealized loss held within the economically meaningful supply. We believe this assertion is sound and is visible when comparing Cointime supply regions with the total supply held in profit or loss. An interesting phenomenon emerges whereby the Total Supply in Loss has approached and historically intersected with Active Supply, typically during the latest stages of cyclical bear markets. This suggests that a vast majority, if not all, of the economically active coin supply is in fact held at a loss during these times — the profits that remain on the books largely belong to dormant, vaulted coins rather than to active market participants.

Notes. This chart was developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available in two formats: an overview primer (Version I, published via ARK) and a comprehensive guide for specialists (Version II, published via Glassnode). Built from Liveliness and Supply in Loss. The mirror view against Vaulted Supply is Cointime Supply in Profit; the supply regions themselves are charted in Active and Vaulted Supply.