BTC: Realized Profit/Loss (Entity-Adjusted)

Realized profit and loss counted between entities rather than addresses: coins that move within one entity’s own wallets are left out, so the profit, loss and SOPR describe coins that changed hands.

Realized Profit and Loss, Entity-Adjusted

An entity is a cluster of addresses our node links by spending them together. Leaving out transfers inside a cluster removes change outputs and self-transfers that would otherwise count as profit or loss taken.

Read the entity-adjusted SOPR with the address-level one in the profit and loss dashboards: when the two diverge, much of the address-level movement was internal.

The long-term holder lines are the same measures for coins held 155 days or more.

BTC: Entity-Adjusted SOPR

The ratio of the price at which coins move between entities to the price at which the spending entity acquired them. SOPR tells whether coins leaving their holders are sold at a profit or at a loss. Ignoring internal moves removes the many transfers that only shuffle coins between one's own addresses. Above 1: coins leave their holders at a profit on average; below 1: at a loss. In uptrends the value 1 has acted as support and in downtrends as resistance.

BTC: Entity-Adjusted Realized Profit

The USD profit locked in when coins of all holders move to another entity. Realized profit measures capital actually taken out as gains by sellers; moves within an entity are left out, so the series reflects real changes of hands. Spikes mark heavy profit-taking; compare with the other side to see which dominates.

BTC: Entity-Adjusted Realized Loss

The USD loss locked in when coins of all holders move to another entity. Realized loss measures capital actually taken as losses by sellers; moves within an entity are left out, so the series reflects real changes of hands. Spikes mark heavy loss-taking; compare with the other side to see which dominates.

BTC: Entity-Adjusted LTH Realized Profit

The USD profit locked in when coins of long-term holders move to another entity. Realized profit measures capital actually taken out as gains by sellers; moves within an entity are left out, so the series reflects real changes of hands. Spikes mark heavy profit-taking; compare with the other side to see which dominates.

BTC: Entity-Adjusted LTH Realized Loss

The USD loss locked in when coins of long-term holders move to another entity. Realized loss measures capital actually taken as losses by sellers; moves within an entity are left out, so the series reflects real changes of hands. Spikes mark heavy loss-taking; compare with the other side to see which dominates.

BTC: Entity-Adjusted NUPL

Net unrealized profit or loss of all holders as a share of market value, measured against what entities paid. It summarises the market's paper gain or loss in one number and has moved through recurring zones over each cycle. Near 0: holders are on average at break-even; 0.5 and above: large paper profits; below 0: holders are at a loss.

BTC: Entity-Adjusted Realized Price

The average price at which entities acquired the coins they hold now, ignoring transfers within an entity. The realized price is the market's aggregate cost basis. When the price trades below it, the average holder is at a loss, which has marked cycle lows; far above it, holders sit on large unrealized gains. Read it against the price: the price crossing the line marks holders as a group moving into or out of profit.