The Bitcoin LTH Realized P/L Heatmap plots the daily realized profit or loss generated by Long-Term Holders, broken out by cost-basis bucket. Each day, coins that move on-chain are grouped by the price they last transacted at, and the realized profit or loss from those spends is aggregated per bucket. Only Long-Term Holder spends are included, so the heatmap isolates the behavior of vintage supply rather than the churn of recent, short-term coins.
Read the chart as a grid of cost-basis buckets over time, colored by the realized result of each spend. Green clusters concentrated at deep-discount cost bases indicate vintage holders whose coins were acquired at much lower prices taking large profits as they sell. Red clusters mark Long-Term Holder capitulation, where older coins move at a realized loss. The vertical position of the color tells you the price level at which those coins were originally acquired, while the intensity reflects the magnitude of realized profit or loss.
Use the heatmap to gauge whether long-held Bitcoin is being distributed into strength or surrendered into weakness. Persistent green at deep-discount bases signals sustained profit-taking by early holders, while spreading red bands point to older cohorts capitulating.
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.
