LTH Unrealized P/L Heatmap

The Bitcoin LTH Unrealized P/L Heatmap plots the dollar-denominated unrealized profit or loss held at each cost-basis bucket across Long-Term Holder supply. For every price level at which long-term holders acquired their coins, the chart takes the Bitcoin sitting at that cost basis, compares it to the current spot price, and renders the resulting paper gain or loss as an intensity value, building a two-dimensional map of where conviction capital is currently in the money.

Read the heatmap by cohort of cost basis rather than by a single line. Strong green clusters sitting at old, low cost bases mark deep conviction holdings carrying large paper gains, showing where long-term holders accumulated cheaply and have chosen not to sell. Cooler or negative regions identify cost bases that are underwater at the current Bitcoin price, isolating the levels where long-term holders are holding at a loss.

Use the map to gauge where latent selling pressure and holder resolve are concentrated. Dense green at aged cost bases signals a supply base with room to distribute into strength, while clusters near the current price flag cost bases most sensitive to a move in either direction. Watch how these bands shift as price advances or retraces to see which long-term holder cohorts are moving into or out of profit.

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.