Addresses in loss
addresses worth less than they cost
How many addresses are holding coins worth less than they paid.
DefinitionAddresses with a balance minus addresses in profit, defined as the residual so that profit plus loss equals the non-zero address count exactly at every height.
LimitAn address is not a person and not a wallet. One person routinely holds thousands of addresses, one address can hold many people's coins, and ordinary wallet software makes a brand-new change address on almost every spend. So this line moves with wallet behaviour, change outputs, batching and consolidation at least as much as it moves with how many people own bitcoin. Read its direction and its shape; never read the level as a headcount. It is priced off the same series as tier B, so before 2012 it inherits thin, wide-spread quotes from a handful of exchanges, and coins created before height 68,774 have no price at all and carry a cost basis of zero.