Definition. The total supply of BTC segmented by unrealized profit and loss bands defined around Fibonacci retracement levels.

Technical. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level to facilitate comparability across digital assets and to ensure consistent analysis across various blockchain architectures. This contrasts with the alternative UTXO-based approach for chains like Bitcoin, where unspent transaction outputs are analyzed to categorize asset properties. Metrics for UTXO-based assets may show slight deviations if compared across these different computational methods.

Interpretation. Surfaces how much of total supply is held at a profit versus a loss, exposing aggregate market sentiment and potential support / resistance levels. Answers questions of the form: is the majority of supply currently held at a profit or a loss relative to its acquisition cost?