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
Capital Rotation
Tracks the flow of capital between different cohorts of Bitcoin holders — from long-term holders to short-term holders and vice versa, based on UTXO age distribution changes.
Seller Exhaustion
A composite metric identifying when selling pressure has been exhausted, often signaling market bottoms. Based on supply profitability, realised loss trends, and volatility compression.
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.
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).