Profit & Loss Metrics

Profit and loss metrics quantify gains and losses across the Bitcoin network, both realized (from coins that have moved) and unrealized (from coins still held). By segmenting these metrics by holder cohort and coin age, they reveal the motivations and stress levels of different market participants.

#API Example

curl -H "x-api-key: YOUR_API_KEY" \
  "https://chartinspect.com/api/v1/onchain/{metric_id}?chain=bitcoin&days=365"

Replace {metric_id} with any metric ID listed below.

#Realized Profit/Loss

Metric ID: realized-profit-loss

Aggregate realized gains and losses calculated from all coins that moved on-chain during a given period. Each spent output is compared to its acquisition price to determine whether it was moved at a profit or a loss.

Interpretation: Spikes in realized profit during rallies indicate active distribution, as holders lock in gains. Spikes in realized loss during downtrends confirm capitulation events. The magnitude of each reveals the conviction level of participants, large realized loss events often mark capitulation bottoms.

#Net Realized P/L

Metric ID: net-realized-pl

The net of total realized profit minus total realized loss for a given period. This provides a single value representing whether the network is net profitable or net unprofitable in its spending behavior.

Interpretation: Positive net realized P/L means more value is being realized as profit than loss, typical of bull markets. Negative values indicate net loss realization, characteristic of bear markets. Transitions from negative to positive often mark cycle bottoms, as capitulation subsides and profitable spending resumes.

#Cumulative LTH Profit

Metric ID: cumulative-lth-profit

A running total of realized profits from long-term holders (coins held 155+ days). This accumulates over time and captures the total profit extracted by the market's most experienced participants.

Interpretation: Rapid increases in cumulative LTH profit indicate that long-term holders are actively taking profits, a signal of late-stage distribution. Flat periods mean LTH are holding rather than selling, consistent with accumulation or early bull market phases. The rate of change matters more than the absolute level.

#Realized P/L Ratio

Metric ID: realized-pl-ratio

The ratio of total realized profit to total realized loss. This normalizes profit-taking and loss realization into a single relative measure.

Interpretation: Ratios well above 1.0 indicate a profit-dominant regime where most spending is occurring at a gain. Ratios near or below 1.0 indicate that losses are matching or exceeding profits, typical of bear markets. A ratio declining from elevated levels signals weakening momentum, even if price has not yet turned.

#Relative Unrealized P/L

Metric ID: relative-unrealized-pl

Market-cap-weighted unrealized gains and losses across all held coins. Unlike NUPL, this metric weights each coin's unrealized profit or loss by its size relative to the total market cap.

Interpretation: High relative unrealized profit across the network indicates widespread paper gains, creating latent selling pressure if sentiment shifts. High relative unrealized loss signals deep drawdowns and potential capitulation. This metric is useful for gauging how much potential selling pressure exists without any coins actually moving.

#SOPR by Age

Metric ID: sopr-by-age

SOPR segmented into age bands (e.g., 1 day, 1 week, 1 month, 3 months, 6 months, 1 year, 2+ years). This reveals which age cohorts are spending at a profit or loss.

Interpretation: When older age bands show SOPR well above 1.0, experienced holders are distributing at significant profit. When younger age bands have SOPR below 1.0, recent buyers are capitulating. The interaction between age-band SOPRs reveals the flow of conviction and capital between market participants.

#Sell-Side Risk Ratio

Metric ID: sell-side-risk-ratio

The ratio of total realized profit plus total realized loss to the realized cap. This measures the magnitude of profit/loss realization relative to the network's aggregate cost basis.

Interpretation: Low sell-side risk indicates that most coins being spent are close to their cost basis, suggesting equilibrium and low volatility. High sell-side risk means significant profits or losses are being realized relative to the network's size, indicating heightened activity and potential turning points. Extremely low values have historically preceded major price moves in either direction.

#LTH NUPL / STH NUPL

Metric ID: lth-nupl / sth-nupl

Net Unrealized Profit/Loss segmented by long-term holders and short-term holders. This separates the unrealized gains/losses of experienced participants from those of recent entrants.

Interpretation: LTH NUPL reaching extreme highs (above 0.7) indicates that long-term holders have significant unrealized gains and may begin distributing. STH NUPL dropping below 0 means recent buyers are underwater and may panic sell. Divergences between LTH and STH NUPL reveal whether the market is being driven by experienced or inexperienced participants.

#Realized Profit by Age

Metric ID: realized-profit-by-age

Total realized profit segmented by the age of the coins being spent. This shows which vintage of supply is contributing to profit-taking.

Interpretation: Profit realization dominated by old coins (1+ year) signals long-term holder distribution, a hallmark of late-cycle behavior. Profit dominated by young coins (less than 1 month) indicates short-term trading activity. The age profile of profit-taking helps distinguish between healthy profit rotation and structural distribution.

#Revived Supply by Age

Metric ID: revived-supply-by-age

The volume of previously dormant coins that have been spent, grouped by how long they were held before moving. This tracks "awakening" supply across different dormancy periods.

Interpretation: Spikes in very old revived supply (5+ years) are significant events, as they indicate that long-dormant holders have decided to spend. These events often coincide with major price moves or cycle transitions. Elevated revived supply across multiple age bands simultaneously suggests broad-based distribution.

#Cumulative P/L Price

Metric ID: cumulative-pl-price

Price levels derived from cumulative realized profit and loss data. These levels represent aggregate cost bases that can act as support or resistance based on the net profit/loss behavior of the market.

Interpretation: Cumulative P/L price levels act as gravity points for price. When price is far above these levels, significant unrealized profit exists and pullbacks become more likely. When price is near or below these levels, holders are at break-even or at a loss, and the levels tend to act as support as selling pressure diminishes.