Definition. The total estimated amount of coins (USD) moved by long-term holders in profit. Volume transferred within addresses of the same entity is excluded. Coins are considered in profit when the price at the time the coins are spent is higher than the entity's average on-chain acquisition price for its funds.

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. Entities are clusters of addresses estimated to be controlled by the same actor, identified through advanced heuristics and Glassnode's proprietary clustering algorithms. Entity-based metrics rely on statistical and data-science methods that are refined over time. The series is therefore mutable: its established history is stable, but recent data points may revise as clustering improves. For methodology, see our article on account-based metrics.

Notes. For more information on entity-adjustment and account-based metrics, read our articles here and here.