Bitcoin Realized Cap HODL Profit/Loss decomposes the classic HODL waves into profitable and underwater cohorts, but weights each holder age band by its realized cap (the USD value of the coins at their last-moved price) rather than by raw coin supply. This surfaces the dollar magnitude of Bitcoin capital sitting in profit or loss within every age cohort, showing whether the value trapped underwater belongs to large old positions or to smaller, more recent buyers.
Read the chart as a stack of age cohorts split by profitability: the bands above the zero line represent capital in profit, those below represent capital at a loss, and the height of each band reflects the USD value at stake rather than the number of coins. You can switch between USD, native coin, and percentage denomination modes, and apply short-term versus long-term holder (STH/LTH) filtering to isolate whichever cohort you want to study.
Use it to judge how much real capital is at risk during drawdowns and who holds it. A large underwater band concentrated in old, long-term holders signals different structural pressure than the same losses spread across recent short-term buyers, helping you gauge the conviction and vulnerability behind the price. This is a novel Bitcoin metric not available on any other analytics platform.
Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.
