Realized Loss measures the USD losses crystallized when coins are spent below their prior realized cost basis. The calculation applies only to spent coins during the day, comparing spend-date price with the price at the coin’s previous on-chain movement.
Large readings usually appear during drawdowns, deleveraging, or post-breakdown stress, when underwater coins actually move. Smaller readings can reflect fewer losing spends or only modest gaps below cost basis. Realized Profit and NRPL give the closest realized-flow context.
This is not underwater supply. Coins can remain below cost basis for long periods without adding to Realized Loss. Supply in Loss describes the held stock; Realized Loss records the spent-output flow that locks losses in.
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