On-Chain Metrics
Relative Realized P/L
Track Relative Realized Profit and Loss (RRP/RRL) — normalized measures of daily profit-taking and loss-realization relative to the overall market. Unlike Net Realized P/L which shows net difference, this chart displays both RRP (profit intensity - green) and RRL (loss intensity - red) independently, revealing the relative magnitude of each. Watch for crossover points where RRL exceeds RRP - these often mark capitulation events and potential cycle bottoms where weak hands are flushed out. Conversely, when RRP dominates with sustained high values, it indicates profit-taking behavior typical of distribution phases near market tops. Normalization by market cap allows comparison across different market cycle stages regardless of absolute price levels.