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.

This is the Point-in-Time (PiT) variant of Long-Term Holder Position Change. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.