Definition. Long-Term Holder Net Position Change is the monthly net position change of long-term holders, i.e. the 30-day change in supply held by long-term holders.

Technical. Long- and Short-Term Holder supply is defined with respect to the entity's averaged purchasing date, with weights given by a logistic function centered at an age of 155 days and a transition width of 10 days.

Interpretation. Positive prints mean coin maturation into the long-term-holder cohort exceeds spending out of it, negative prints mean the cohort is net-distributing.