Unrealised Profit/Loss
What Is Unrealised Profit/Loss?
The total unrealised profit or loss of all Bitcoin held on-chain, calculated by comparing each UTXO's acquisition price to the current market price.
How to Interpret
Rising unrealised profits during uptrends shows increasing temptation for holders to sell. When unrealised loss dominates, it signals capitulation and potential bottoming.
More Profit & Loss Metrics
Sell-Side Risk Ratio
Measures the total amount of realised profit and loss relative to the Realised Cap. Indicates the significance of profit/loss-taking activity relative to the market's total value.
SOPR
Spent Output Profit Ratio — the ratio of the price at which coins were spent to the price at which they were acquired. Shows whether coins are being moved at a profit (>1) or loss (<1).
MVRV Gradients
The rate of change of the MVRV ratio over time. Shows the acceleration or deceleration of unrealised profits/losses across the market.
Realised Cap
The sum of all UTXOs valued at the price they were last transacted. Unlike market cap which values all coins at current price, Realised Cap weights each coin by its last on-chain moved price.