Definition. Hodler Net Position Change is the monthly position change of long-term investors (HODLers). Positive prints indicate net new positions being accumulated by HODLers, negative prints indicate HODLers cashing out. Hodled or Lost Coins is the underlying metric.

Technical. For BTC, all spent coins are counted, including change. For all other assets, coin age is the time since an address's balance-weighted average acquisition time. For ETH tokens, burn addresses are excluded.

Notes. First coined by Adamant Capital. For more information, see the primer on Bitcoin investor sentiment and changes in saving behavior.