{"uuid":"3f0cf67f-b2cc-4584-6c4c-8f68b959a5f9","categoryUuid":"752fce11-1913-47e4-5707-91c0b669f02b","data":{"meta":{"name":"BTC: Realized Profit/Loss"},"configs":[{"meta":{"date":1674086400000,"asset":"BTC","since":1279324800000,"until":1674086400000,"currency":"native","metricCode":"indicators.NetRealizedProfitLoss","resolution":"24h"},"uuid":"439893d9-112a-4302-9e61-5e4bf91237ec","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279324800000,"until":1674086400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedProfit","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"c38c06f7-8c10-4bb2-b262-35f1bb90e964","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#41dc6e","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279324800000,"until":1674086400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedLoss","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"9022a947-3d07-41d5-ac34-a24fba90694d","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#ff5d5d","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279324800000,"until":1674086400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedProfitLossRatio","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"5c85821f-7fc4-4ac9-83ae-a39b1c9ada2b","extra":{"zoom":"All","price":true,"scale":"log","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"refUuid":"2e80bc52-0f8b-4189-575d-85c241348171"},"uuid":"afab51a9-26e7-43f0-ad6c-65d71107d1e0","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279324800000,"until":1674086400000,"currency":"native","metricCode":"indicators.SoprAdjusted","resolution":"24h"},"uuid":"39d3442c-c1ae-4fbd-8753-00c34bd1d4d8","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#2982de","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279411200000,"until":1674086400000,"currency":"native","metricCode":"indicators.SoprLess155","resolution":"24h"},"uuid":"f00377c0-b87f-42fa-97b4-e7c584316605","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#ff5f5f","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279324800000,"until":1674086400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.Sopr","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"0268981f-2c5a-471b-8209-c86b73089871","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279411200000,"until":1674086400000,"currency":"native","metricCode":"indicators.SoprAccountBased","resolution":"24h"},"uuid":"5ab7de1a-dbef-4631-96e9-8246c23c51a9","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#e85f8a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1293062400000,"until":1674086400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.SoprMore155","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"859703f6-96e9-4652-863d-50315b48d577","extra":{"zoom":"All","price":true,"scale":"log","lineColor":"#6294ef","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1674086400000,"asset":"BTC","since":1279411200000,"until":1674086400000,"currency":"native","metricCode":"supply.SthLthRealizedValueRatio","resolution":"24h"},"uuid":"71cc9780-aae2-457a-9a2f-51f7cba2f5eb","extra":{"price":true,"scale":"log","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"refUuid":"65faab60-7909-4576-610f-d0495326ea29"},"uuid":"4de18575-cfc7-49b7-aea4-b5066387d24a","configType":"workbench"},{"meta":{"refUuid":"930a8f38-f90a-40c1-6c9c-b40084e0ffc7"},"uuid":"36dfaf79-5f4a-46e3-8053-89ee9bbdaf97","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"87c739a3-d390-4f5e-757e-b407e739fdf5"},"uuid":"37b7f04d-55b2-47cb-9382-59d5d279e8be","configType":"workbench"},{"meta":{"content":"## Realized Profit and Loss\n\n---\n\nRealized Profit and Loss is one of the more powerful and unique tools within the discipline of on-chain analysis. It utilizes a concept called Pricestamping, where each coin (or UTXO) is assigned a price (and thus USD value) when it is spent on-chain.\n\nFrom this, we can calculate the difference between the value at the time of disposal, and at the time of acquisition.\n\n- 🟢 **Coins spent above acquisition value Realized a Profit**\n- 🔴 **Coins spent below acquisition value Realized a Loss**\n\nThese tools allow for inspection of the capital inflows and outflows from the asset, and also provide indicators for both shorter and longer term sentiment across the market.\n\n---\n\n### Net Realized Profit/Loss\n\nThis metric is calculated from the components of Realized Profit, minus Realized Loss (in USD terms). It shows the net daily change in the Realized Cap, and thus capital inflows and outflows from the Bitcoin asset."},"uuid":"c141e278-874f-4f2d-8fc1-04d912ed31ac","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Realized Profit/Loss Ratio\n\n---\n\nThe Realized P/L Ratio is simply the ratio between Realized Profit and Realized Loss. It provides a view on both macro trend, shifts in market sentiment, and the directional dominance of value flowing in/out of the network.\n\nRealized P/L Ratio can be used on both longer and shorter term timeframes and moving averages to provide insight into:\n\n- **Macro market trends** whereby profit dominance is typical of utrends, and loss dominance typical of downtrends.\n\n- **Breaks above/below 1.0 suggesting regime shifts** signalling a potential shift in profit/loss dominance alongside market strength/weakness.\n\n- **Retests of 1.0 within an established trend** signalling a market equilibrium and decision point is reached. \n\n\u003e Realized P/L Ratio has a similar interpretation framework to the SOPR metric, with a [detailed breakdown available on Glassnode Academy](https://academy.glassnode.com/indicators/sopr/sopr-spent-output-profit-ratio)."},"uuid":"2c0bd0c9-73da-4f2f-9f3c-dc8885c427a0","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Spent Output Profit Ratio (SOPR)\n\n---\n\nThe SOPR (Spent Output Profit Ratio) indicator provides insight into macro market sentiment, profitability and losses taken over a particular time-frame. It reflects the degree of realised profit for all coins moved on-chain.\n\nThe SOPR indicator can be considered within the following framework:\n\n- **SOPR values greater than 1** implies that the coins moved that day are, on average, selling at a profit (price sold is greater than the price paid).\n\n- **SOPR value less than 1** implies that the coins moved that day are, on average, selling at a loss (price sold is less than the price paid).\n\n- **SOPR value of exactly 1** implies that the coins moved that day are, on average, selling coins at break even.\n\n- **SOPR trending higher** implies profits are being realized with potential for previously illiquid supply being returned to liquid circulation.\n\n- **SOPR trending lower** implies losses are being realized and/or profitable coins are not being spent.\n\n\u003e A detailed interpretation framework for the SOPR metricis available on [Glassnode Academy](https://academy.glassnode.com/indicators/sopr)."},"uuid":"049f6ced-5795-4067-beda-b08e2f0dadfa","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## SOPR Variants\n\n---\n\nThe SOPR Metric has a suite of variants which are useful for a variety of applications:\n\n- **SOPR** considers all spent outputs with no additional filtering applied.\n\n- **aSOPR** filters all non-economical relay transactions that are spent within 1hr.\n\n- **Entity-Adjusted SOPR** utilizes our entity-adjustment algorithms to provide superior filtering for economical transactions.\n\n- **Short-Term Holder SOPR** considers only coins held for less than 155-days, and are statistically the most likely to spend on a given day.\n\n- **Long-Term Holder SOPR** considers only coins held for more than 155-days, and are statistically the least likely to spend on a given day."},"uuid":"e34e1a88-9218-40f0-b669-bb552c6a0d01","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Yearly Sum of Realized Profit/Loss\n\n---\n\nThis metric provides a macro scale view of the capital flows both in and out of the asset over each market cycle. It is calculated by taking the yearly sum of USD denominated Realized Profits and Losses.\n\nThis chart presents the following traces:\n\n- 🟩 Rolling Yearly Sum of Realized Profits [USD]\n- 🟥 Rolling Yearly Sum of Realized Losses [USD]\n- 🔵 The Proportion of Peak Yearly Realized Profit 'given back' as Realized Losses.\n\n---\n\n### Relative Yearly Realized Profit/Loss\n\nThe chart below normalizes these yearly realized Profits and Losses by dividing by the Realized Cap. This adjusts for market size and allows a comparison between market cycles.\n\nThe Yearly Profit/Loss Ratio is also shown illustrating the cyclical shifts between profit and loss dominance over time."},"uuid":"734b3252-8f00-4d1e-807a-31f80f2c5dee","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Short-to-Long-Term Realized Value\n\n---\n\nThe SLRV Ratio shows the percentage of Bitcoin in existence, that was last moved within 24 hours, divided by the percentage that was last moved between 6-12 months ago. The SLRV Ratio was first proposed by [Ark Invest](https://twitter.com/ARKInvest).\n\n- **When the ratio is high**, it suggests there is a lot of short-term transactional activity versus long-term holding. This can be indicative of relative hype/adoption in the near-term.\n\n- **When the ratio is low** it suggests there is little short-term activity and interest in Bitcoin and/or a growing base of larger than normal longer-term holders.\n\n---\n\n### SLRV Ribbons\n\nApplying 30D-SMA and 150D-SMA ribbons to the SLRV allows us to identify positive and negative trends, which have also historically identified market transitions between risk-on and risk-off allocations to Bitcoin accordingly. The SLRV Ribbons were first proposed by [Capriole Investments](https://capriole.com/)"},"uuid":"668dcfcf-9abc-4fed-95f3-12c10f27a06a","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"541bfcab-e463-4180-9361-fe220f6bf262","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"ffd0aecc-91f7-4e4f-4344-a5851df91d2d"},"uuid":"eeada6ab-aa42-4010-889e-e6d1c3c282b4","configType":"workbench"},{"meta":{"content":"## Realized RVT Ratio\n\n---\n\nIn on-chain analysis, we can separate the notion of nominal value, and realized value when assessing transfer volumes. During periods of high volatility such as late stage bull / bear markets, it is common to observe periods of elevated **realized value**, as investors take profits at tops, or capitulate at lows. \n\nThe Realized Value RVT is an oscillator which is designed capture the relative magnitude between Realized Value, and Nominal Value Transferred.\n\n- **Nominal Volume** is a measure of the raw BTC or USD value transferred. Here we consider Change-Adjusted volume.\n\n- **Realized Volume** is a measure of the difference between the disposal, and acquisition price of a coin (also change-adjusted).\n\nThe Realized Value RVT is calculated as the ratio between aggregate Realized Value, and aggregate Nominal Value. In other words, Realized RVT compares the economic payload (Realized), to the total value transferred (Nominal).\n\n`Realized Value RVT = (Realized Profit + Realized Loss) / Transfer Volume (Change-Adjusted)`\n\nRealized RVT Ratio can generally be considered in the following framework:\n\n- ↗️ **Higher Values** indicate periods where net change in realized value is large relative to the aggregate nominal transfer volume. During bullish periods this indicates a large degree of profit taking is occurring, and increases the probability of oversupply. In a bear market, it can signify a capitulation event has taken place, whereby large realized losses were locked in relative to the total transfer volume.\n\n- ↘️ **Lower Values** indicate periods where the net change in realized value is small relative to the aggregate nominal transfer volume. This typically occurs when the majority of coins on the move, are being transacted at a very similar pricestamp to their original acquisition price (break-even), and thus realizing little net change in value. This is typical of late stage bear markets and early bull markets, where HODLing behaviour is at its peak, and  most on-chain volume is sourced from the set of already highly active supply.\n\nThe oscillator and barcode chart at the bottom provide additional information to gauge the dominant market trend.\n\n- **🟢 Where the [Realized P/L Ratio](https://studio.glassnode.com/metrics?a=BTC\u0026category=\u0026m=indicators.RealizedProfitLossRatio) \u003e 0.5** it indicates that Realized Profits exceed Realized Losses, which is typical of more constructive market trends.\n\n- **🔴 Where the [Realized P/L Ratio](https://studio.glassnode.com/metrics?a=BTC\u0026category=\u0026m=indicators.RealizedProfitLossRatio) \u003c 0.5** it indicates that Realized Losses exceed Realized Profits, which is typical of bearish market trends."},"uuid":"c2f629c1-bef6-4200-b016-df6c94c4f3f4","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"55895de9-36d8-4230-7453-ac5664c31010"},"uuid":"d7cce4ea-61fa-4b84-9057-4f515ed2d176","configType":"workbench"},{"meta":{"content":"## Sell-side Risk Ratio\n\n---\n\nThe Bitcoin Sell-Side Risk Ratio is calculated by taking the sum of all profits and losses realized on-chain, and dividing it by the realized cap. This metric therefore compares the total USD value that investors spending each day, to the total realized market capitalization.\n\nThis methodology quantifies the aggregate sell-side risk in the market. It assumes that all profit and loss realized on-chain are a potential source of sell-side pressure. Division by realized cap provides normalization over time as it will increase or decrease relative to changes in all-time capital inflows/outflows to the asset.\n\n\nThis metric provides a comprehensive story about market cycles:\n\n- ↗️ **High values** are associated with periods of high value realization, and relatively high market volatility. This is typical of late stage bull markets, and bear market capitulation events. This can signal an oversupply of coins, or a loss in investor conviction, and thus a relatively high risk environment.\n\n\n- ↘️ **Low Values** are associated with periods of low value realization, and relatively low market volatility. This is typical of market consolidation phases, and sideways market trends. This can signal macro market bottoms, accumulation phases and relatively low sell-side risk environments.\n\n\nIt can also be expected that upper and lower bound extremes will compress over time as the Bitcoin market matures, and as volatility decreases.\n"},"uuid":"727f9722-a9c2-456f-b7dd-5cc3fc97be05","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"323966f5-1197-4a55-4927-0f44a84997b3"},"uuid":"295418fa-671c-467d-aeb0-9f9bd17274ec","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"395ab460-b55d-4cd3-6dff-88dcf40a98a6"},"uuid":"17a635ec-4e03-4133-8577-4e0d20ce5c85","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"1075783e-877b-416b-69b5-acfee6fcf778"},"uuid":"9cc3912d-7fe8-4a23-822b-e4be4e16362b","configType":"workbench"},{"meta":{"refUuid":"43f78b46-e5b6-49e9-52ec-64ec539d067e"},"uuid":"69efd4a3-99f9-482b-8918-20f3200a6c2a","configType":"workbench"},{"meta":{"content":"## Realized Profit/Loss Momentum\n\n---\n\nThis chart presents a ratio between the Realized Profit/Loss Ratio, and its 1yr moving average. This tool provides a view of periods where the Profit/Loss Ratio is experiencing acceleration in either direction, aiding in identification of trend inflection points.\n\nRealized Profit/Loss Momentum is calculated as follows:\n\n`Realized P/L Ratio = Realized Profit / Realized Loss`\n\n`P/L Ratio Momentum = sma(Realized P/L Ratio,7)/sma(Realized P/L Ratio,365)`\n\nThis metric highlights periods where investors are particularly active throughout the market cycle, and when a regime shift is taking place between profit / loss dominance.\n\n- Owners of recently transacted or acquired coins are likely to carry a degree of recency bias with respect to the coins cost basis. Thus price rising, or falling below that level is more likely to elicit a response.\n\n- Around local market extremes, there is often a net transfer of wealth, as investors take profits near tops, or capitulate near bottoms. This rotation of capital usually leads to an increase in the proportion of wealth held by inexperienced holders.\n\nTracking the momentum shifts for realized profit/loss can signal when macro market trends are at an inflection point.\n\n- 🟢 Realized Profit accelerates during market rallies, as investors that acquired coins recently come into profit.\n\n- 🔴 Realized Loss accelerates during market corrections, which plunge holders that acquired coins into a loss, creating panic."},"uuid":"1aceb42f-ce1e-4eae-b620-ffe2a1416012","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":8,"i":"439893d9-112a-4302-9e61-5e4bf91237ec","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c38c06f7-8c10-4bb2-b262-35f1bb90e964","w":6,"x":6,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"9022a947-3d07-41d5-ac34-a24fba90694d","w":6,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5c85821f-7fc4-4ac9-83ae-a39b1c9ada2b","w":8,"x":4,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"afab51a9-26e7-43f0-ad6c-65d71107d1e0","w":12,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"39d3442c-c1ae-4fbd-8753-00c34bd1d4d8","w":6,"x":0,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f00377c0-b87f-42fa-97b4-e7c584316605","w":6,"x":0,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"0268981f-2c5a-471b-8209-c86b73089871","w":8,"x":4,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5ab7de1a-dbef-4631-96e9-8246c23c51a9","w":6,"x":6,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"859703f6-96e9-4652-863d-50315b48d577","w":6,"x":6,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"71cc9780-aae2-457a-9a2f-51f7cba2f5eb","w":8,"x":4,"y":114,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"4de18575-cfc7-49b7-aea4-b5066387d24a","w":12,"x":0,"y":122,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"36dfaf79-5f4a-46e3-8053-89ee9bbdaf97","w":8,"x":4,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"37b7f04d-55b2-47cb-9382-59d5d279e8be","w":12,"x":0,"y":76,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c141e278-874f-4f2d-8fc1-04d912ed31ac","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"2c0bd0c9-73da-4f2f-9f3c-dc8885c427a0","w":4,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"049f6ced-5795-4067-beda-b08e2f0dadfa","w":4,"x":0,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"e34e1a88-9218-40f0-b669-bb552c6a0d01","w":12,"x":0,"y":48,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"734b3252-8f00-4d1e-807a-31f80f2c5dee","w":4,"x":0,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"668dcfcf-9abc-4fed-95f3-12c10f27a06a","w":4,"x":0,"y":114,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"541bfcab-e463-4180-9361-fe220f6bf262","w":12,"x":0,"y":130,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"eeada6ab-aa42-4010-889e-e6d1c3c282b4","w":8,"x":4,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c2f629c1-bef6-4200-b016-df6c94c4f3f4","w":4,"x":0,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d7cce4ea-61fa-4b84-9057-4f515ed2d176","w":8,"x":4,"y":92,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"727f9722-a9c2-456f-b7dd-5cc3fc97be05","w":4,"x":0,"y":92,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"295418fa-671c-467d-aeb0-9f9bd17274ec","w":12,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"17a635ec-4e03-4133-8577-4e0d20ce5c85","w":8,"x":4,"y":100,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"9cc3912d-7fe8-4a23-822b-e4be4e16362b","w":6,"x":0,"y":108,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"69efd4a3-99f9-482b-8918-20f3200a6c2a","w":6,"x":6,"y":108,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"1aceb42f-ce1e-4eae-b620-ffe2a1416012","w":4,"x":0,"y":100,"minH":1,"minW":3,"moved":false,"static":false}]}}