BTC: P&L Index

Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.

A profit-and-loss index of the market: the average of how unusual three profit measures are against their last year, MVRV, NUPL and long-term against short-term holders' SOPR.

Why use it. Each measure reads holders' profit from a different angle: paper profit (MVRV, NUPL) and profit taken on the coins spent (SOPR of old against new coins). Averaging their z-scores gives one steadier reading of how stretched profits are. How to read it. Around 0 profits are ordinary for the last year; +1 or more stretched, −1 or less depressed. Use Bull-Bear Market Cycle Indicator for the index against its own one-year trend. Readings describe positioning, not where the price goes next.

Calculation. P&L index = the mean of three z-scores, each against its own last 365 daily values: MVRV, NUPL and the ratio of long-term to short-term holder SOPR (LTH-SOPR ÷ STH-SOPR). Our own disclosed composite, not a copy of another index. Calculated from our own validated Bitcoin Core node history at the accepted daily closes.