STH Unrealized P/L Heatmap

The Bitcoin STH Unrealized P/L Heatmap maps the dollar-denominated unrealized profit or loss carried by Short-Term Holder supply, broken out across cost-basis buckets. Each column in the heatmap is a point in time, and each row represents a range of acquisition prices; the color at every cell encodes the aggregate paper gain or loss of the recently acquired coins whose cost basis falls in that band. Because it isolates Short-Term Holders, the chart reflects only the coins bought most recently, the cohort most sensitive to price swings.

Read the chart by color. Red regions mark cost-basis buckets where recent buyers are underwater, sitting on unrealized losses and therefore exposed to capitulation risk. Green regions mark buckets where recent buyers are in profit. The vertical spread of color at any date shows how the newest supply is distributed across price levels, and the intensity of the shading tracks how large those paper gains or losses have grown.

Use the heatmap to gauge stress within the Short-Term Holder cohort. Broad, deepening red bands signal that a large share of recent Bitcoin buyers hold coins below cost, the condition that historically precedes forced selling and local capitulation. Widening green bands instead show recent buyers comfortably in profit, a sign of stronger near-term conviction in the Bitcoin market.

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.