{"uuid":"99426f74-8716-437a-7fc7-d08ec4f22ea1","categoryUuid":null,"data":{"meta":{"name":"ETH: Short-Term Holder Profitability Breakdown"},"configs":[{"meta":{"content":"### Short-Term Holder Profitability Breakdown\n\n---\n\nIn this Dashboard, we focus on the spending behaviour of the Short-Term Holder cohort. We utilize our new Breakdown metrics to investigate at subsets of this group **(1d-1d, 1w-1m, 1m-3m, 3m-6m)**. \n\nInflection points in the market tend to propagate 'from the inside out'. Reversals first appear within the shorter time frames, and continues to reverberate into the higher time frames. In this Dashboard, we try to highlight these market dynamics within onchain spending patterns, by observing the various sub-age-group components of the Short-Term Holder cohort.\n\n\n---\n\n### Short-Term Holder Realized Cap Breakdown\n\nThe Realized Cap is a fundamental pillar metric of onchain analytics, and is computed as the cumulative sum of all Realized Profits minus Realized Losses. In other words, it is the aggregate value that has flowed into Bitcoin on-chain, minus capital flowing out via losses.\n\nHere, we breakdown the Realized Cap by Short-Term Holder constituent groups, highlighting the wealth held across multiple age bands, and how they evolve over time.\n\n\u003e Note that each trace is stacked with the previous age group when reading legend items."},"uuid":"210882d0-a54d-4161-951a-78a3951d478b","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"ff06b974-a1ec-4ca1-4990-4b2b34640652"},"uuid":"71862b50-e6dd-42c4-a110-138b81946b43","configType":"workbench"},{"meta":{"content":"### Short-Term Holder Realized Price Breakdown\n\n---\n\nThe Realized Price calculates the average acquisition price per coin, and provides insight into the unrealized profit or loss held on average. By segregating the STH Realized Price into components, we can assess where along the age curve the Unrealized Profit or Loss is largest, or smallest.\n\nIn this chart, we developed an oscillator tracking when price is trading above all four STH cost basis sub-groups over a 14-day period. The price chart will flag green when this oscillator has exceeded the +1 standard deviation level. This can indicate periods when the market is seeing very strong upwards momentum.\n\nAnother way to visualize these market mechanics is via the MVRV Ratio, which is derived from the ratio between price and the age band cost basis (realized price). A suite of MVRV oscillators for the Short-Term Holder cohort is shown in the second chart below."},"uuid":"e00da498-10a5-4a68-83a5-8bc4e34c65e4","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"ffef8c0b-0cc1-4bc0-553f-ccb6afcad4f4"},"uuid":"eb04ef7e-bd14-467c-ae93-1eb805f1f80a","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"refUuid":"ed3644da-b24d-477b-416e-f9d2b3403da9"},"uuid":"06535e4b-5779-4b48-892b-97c2489b7325","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"content":"### Short-Term Holder SOPR Breakdown\n\n---\n\nThe SOPR (Spent Output Profit Ratio) indicator provides insight into market sentiment, profitability, and losses locked in by Short-Term Holders. It reflects the average realized profit multiple for all STH coins moved on-chain.\n\nBy breaking down profit or loss by age components, we are able to explore periods when more recent or slightly older coins are starting to take profits, or crystalize losses. Generally speaking, younger age bands will be smaller in magnitude, but more responsive, whilst other ones will be larger in scale, but slower to respond to market volatility. \n\n**The Composite Oscillator** at the bottom will indicate how many of these SOPR variants are trading above 1, and flag the price chart green when all of them are in profit.\n\n---\n\nThe SOPR indicator can be considered within the following framework:\n\n- **SOPR \u003e 1** implies that the coins moved are on selling at a profit on average.\n\n- **SOPR \u003c 1** implies that the coins moved are selling at a loss on average.\n\n- **SOPR = 1** is the break-even level, and tends to act as support in an uptrend, and resistance in a downtrend."},"uuid":"855ccf97-a172-4eb2-ba72-c2ec12465131","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"6c777030-dd1d-4e76-7523-ccd0e6064916"},"uuid":"6b30cdf2-8af4-40fa-b497-a72e7ee4d123","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"refUuid":"4c2196bb-0109-4db7-42c0-8b66c69f8fe3"},"uuid":"6d3c8673-3118-498e-afbe-b9c0df480532","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"content":"### Short-Term Holder Realized Profit/Loss Breakdown (%)\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 is assigned a price (and thus USD value) when it was last moved 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 (+ve)\n- Coins spent below acquisition value Realized a Loss (-ve)\n\nThis metric shows the **Net Profit/Loss** for each age component. It tracks the difference between Realized Profit and Realized Loss (in USD terms), which is then normalized by the Realized Cap for that age band. In other words, it describes the percent change in the USD wealth held by that cohort each day.\n\nFor example:\n\n\u003e (Realized Profit [1d-1w] - Realized Loss [1d-1w]) / Realized Cap [1d-1w]\n\nThis tool can be used to assess the net capital inflows and outflows from the Bitcoin asset with respect to each age band constituent."},"uuid":"6e09cf86-9771-4dff-baaa-bd77dfbbcc88","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1713916800000,"asset":"ETH","since":1231718400000,"until":1713916800000,"mathFn":{"name":"sma","value":"7"},"currency":"native","metricCode":"breakdowns.RealizedProfitByLthSth","resolution":"24h","movingMedian":0,"movingAverage":"7","expMovingAverage":0},"uuid":"0557c40b-abc6-4a0a-9b38-eef76d7db96b","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#627eea"},"configType":"metric"},{"meta":{"date":1713916800000,"asset":"ETH","since":1231718400000,"until":1713916800000,"mathFn":{"name":"sma","value":"7"},"currency":"native","metricCode":"breakdowns.RealizedLossByLthSth","resolution":"24h","movingMedian":0,"movingAverage":"7","expMovingAverage":0},"uuid":"473c7ac1-3bbb-4248-a90d-b84921e27fb8","extra":{"zoom":"2y","price":true,"scale":"lin","lineColor":"#627eea"},"configType":"metric"},{"meta":{"refUuid":"2a008b30-7cf4-4252-7cb3-36364e06f0e7"},"uuid":"79bd03cf-6dd5-454f-86c5-3569f297f48b","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"refUuid":"784ca4c8-76ff-49f7-4f49-c66c8a2b9816"},"uuid":"6e8475be-1d6d-48e8-931a-053e1a463def","extra":{"zoom":"2y"},"configType":"workbench"}],"layouts":[{"h":8,"i":"210882d0-a54d-4161-951a-78a3951d478b","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"71862b50-e6dd-42c4-a110-138b81946b43","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"e00da498-10a5-4a68-83a5-8bc4e34c65e4","w":12,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"eb04ef7e-bd14-467c-ae93-1eb805f1f80a","w":12,"x":0,"y":12,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"06535e4b-5779-4b48-892b-97c2489b7325","w":12,"x":0,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"855ccf97-a172-4eb2-ba72-c2ec12465131","w":4,"x":0,"y":28,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6b30cdf2-8af4-40fa-b497-a72e7ee4d123","w":8,"x":4,"y":28,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6d3c8673-3118-498e-afbe-b9c0df480532","w":8,"x":4,"y":36,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6e09cf86-9771-4dff-baaa-bd77dfbbcc88","w":4,"x":0,"y":36,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"0557c40b-abc6-4a0a-9b38-eef76d7db96b","w":6,"x":0,"y":44,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"473c7ac1-3bbb-4248-a90d-b84921e27fb8","w":6,"x":6,"y":44,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"79bd03cf-6dd5-454f-86c5-3569f297f48b","w":6,"x":0,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6e8475be-1d6d-48e8-931a-053e1a463def","w":6,"x":6,"y":52,"minH":1,"minW":3,"moved":false,"static":false}]}}