The Bitcoin STH Realized P/L Ratio measures the balance between realized profit and realized loss for short-term holders, the cohort of wallets that acquired their coins within the last 155 days. On any given day the chart divides the profit realized by these short-term holders as they move coins on-chain by the loss they realize, producing a single ratio that summarizes whether recent buyers are, in aggregate, spending at a gain or at a loss.
Read the chart above the equilibrium line when short-term holders are realizing more profit than loss, and below it when losses dominate. Because this cohort is limited to coins younger than 155 days, the ratio is far more reactive than supply-wide profit/loss measures: it responds quickly to immediate sentiment shifts and tracks the behavior of the traders most sensitive to short-term price moves.
Use it as a gauge of near-term market psychology. Sustained readings skewed toward realized profit indicate recent buyers are distributing into strength, while a swing toward realized loss reflects capitulation among Bitcoin's newest holders. Pairing the ratio with price helps distinguish healthy demand absorbing profit-taking from exhaustion where short-term participants are forced to sell at a loss.
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.
