Entity-Adjusted Short-Term Holder Realized Loss

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Entity-Adjusted Short-Term Holder Realized Loss sums USD losses attributed to recently acquired BTC moving between distinct entities below its acquisition cost. The cohort generally covers holding ages under about 155 days, and identified transfers within the same entity are excluded.

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An upswing points to more losses being recognized by recent holders, whose costs can be close to recent market prices. The series reached about $2.28 billion on May 19, 2021, and $2.14 billion on June 14, 2022. A decline indicates less daily loss realization, but may reflect inactivity rather than a recovery in recent holders' profitability.

The cohort changes as coins age or change hands, so it does not track a fixed group of buyers. Entity estimates can be revised, and a transfer below cost need not be a market sale. The USD total mixes the number of coins moved with their loss per coin.