{"uuid":"fb1cc8f4-68b4-40fb-4ae8-2bff43b4d8eb","categoryUuid":"d36546c5-cec2-431a-7b64-3f89f2211e65","data":{"meta":{"name":"BTC: Long-Term Holder Realized Profit/Loss"},"configs":[{"meta":{"content":"## Long-Term Holder Realized Profit and Loss\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- A Ghost trace is also shown for the Short-Term Holder cohort for comparison.\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### Long-Term Holder 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":"78a278ff-7263-49ae-9606-cb389c915685","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1679356800000,"asset":"BTC","since":1231718400000,"until":1679356800000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedProfitLthAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"7917a0fd-2071-4b34-91c0-f92499aa167d","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#22c35e","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1679356800000,"asset":"BTC","since":1231718400000,"until":1679356800000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedLossLthAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"9fcba639-fd55-44c5-be8a-8f9bb6b14b71","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#ff6f6f","chartStyle":"line"},"configType":"metric"},{"meta":{"refUuid":"c5347aff-1c20-4425-6e8b-75a6e6612065"},"uuid":"36fc1a24-c6be-4ee5-ac81-e4e793bf929e","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"1ac2ca8f-82d2-472e-4d4e-22c4c45241d8"},"uuid":"2b96e998-8dcb-4391-972f-68c702919730","configType":"workbench"},{"meta":{"content":"### Relative Long-Term Holder Net Realized Profit / Loss\n---\n\nThis chart shows the 7-day sum of Long-Term Holder Realized Profit (+ve) and Realized Loss (-ve), normalized by price to re denominate in BTC terms. These metrics, and their relative scale can be used to better understand Bitcoin market cycles and investor sentiment.\n\n- Higher Values ↗️ signify a greater volume of Profit, or Loss are Realized that day, usually peaking at market tops, and bottoms respectively.\n\n- Lower Values ↘️ signify a relatively quiet period, often associated with longer-term price consolidation.\n\n- Realized Profits 🟢 tend to dominate during bull markets, as investors who accumulated at cheaper prices, spend coins into market strength.\n\n- Realized Losses 🔴 tend to dominate during bear markets, as investors who bought coins at higher prices, spend and exit at a loss, often peaking during capitulation events.\n\n- Net Realized Profit/Loss 🔵 takes the difference between Realized Profit and Realized Loss to observe the net change in capital flows in/out of the asset.\n\n\u003e 💡 Hint: The transition between a bull and a bear market trend can often be identified, in part, by whether the volume of Realized Profits exceeds Realized Losses, and vice versa.\n"},"uuid":"34657439-be97-4806-b73e-0f1c8c5ab9b7","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"ff1ac95d-cf7f-4409-45da-82720ce821e4"},"uuid":"4aad1088-3c6f-4591-aad8-497d44678c1e","configType":"workbench"},{"meta":{"content":"### Long-Term Holder Realized Profit/Loss Ratio\n---\n\nThe LTH Realized P/L Ratio is simply the ratio between the LTH 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\nThe LTH Realized 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 uptrends 🟢, 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- 🔵 LTH-SOPR is also shown, providing a comparison Realized Profit/Loss multiple. SOPR does not consider total USD value, and instead works on a 'per-spent-output' basis. This means small, and large size transactions carry equal weight (where as the P/L Ratio is sensitive to size).\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).\n"},"uuid":"6915b2dd-57b1-49de-a0c2-6e5f7c3623aa","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"257275a2-76a2-4779-461d-ffaf525841b9"},"uuid":"b432fe02-ab63-47f0-b630-774be79d49c7","configType":"workbench"},{"meta":{"content":"## Realized Profit/Loss Momentum\n---\n\nThis chart presents a ratio between the LTH 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\nLTH Realized Profit/Loss Momentum is calculated as follows:\n\n`LTH Realized P/L Ratio = LTH-Realized Profit / LTH-Realized Loss`\n\n` sma(LTH Realized P/L Ratio,7)/sma(LTH Realized P/L Ratio,365)`\n\nLong-Term Holders are typically the most active around cycle extremes due to a number of factors:\n\n- Smart money that accumulated cheap coins tend to liquidate in increasing volumes as bull markets run on, creating an oversupply.\n\n- Long-Term Holders that come of age during the bear market are generally cycle top buyers. This cohort have historically dominated capitulation pressure near cycle turning points.\n\nThus, tracking the momentum shifts for LTHs realizing profit/loss can signal when macro market trends are at an inflection point.\n\n- 🟢 Realized Profit accelerates during market recoveries, as past cycle LTHs come into profit once again.\n- 🔴 Realized Loss accelerates after blow-off tops, which plunge the youngest of the LTH cohort into a loss, creating panic."},"uuid":"4baccb4b-9419-4fc5-a3ef-78bbc451448c","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1679443200000,"asset":"BTC","since":1231718400000,"until":1679443200000,"mathFn":{"name":"ema","value":"14"},"currency":"native","metricCode":"indicators.RealizedProfitLossLthSthRelative","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"14"},"uuid":"23642f6b-370a-42f2-9b7b-392f1dcc3032","extra":{"zoom":"All","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"refUuid":"051f0d0d-a171-4bf7-657e-92f73b51e659"},"uuid":"7d73e6c9-f9a5-4e3d-b7fa-2b04b5cad808","configType":"workbench"},{"meta":{"date":1679788800000,"asset":"BTC","since":1231718400000,"until":1679788800000,"mathFn":{"name":"ema","value":"7"},"currency":"usd","metricCode":"transactions.TransfersVolumeEntityAdjustedFromLthSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"69860227-cbea-47a3-ba67-fdc66d9b34d8","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1679788800000,"asset":"BTC","since":1231718400000,"until":1679788800000,"mathFn":{"name":"ema","value":"7"},"currency":"usd","metricCode":"transactions.TransfersVolumeEntityAdjustedFromLthLossSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"d450225d-7cc4-49bf-9d7c-d914ea1cb664","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#ff6b6b","chartStyle":"line"},"configType":"metric"},{"meta":{"refUuid":"8f532803-fc1d-472a-5312-551571c68470"},"uuid":"4f16f18d-f237-4f0f-b26f-70dff895f2c5","configType":"workbench"},{"meta":{"refUuid":"9e5ccf30-d388-45a1-4ba0-0c8ce6f84973"},"uuid":"96f0338c-afc7-4f4c-a8a7-9af079f765f1","configType":"workbench"},{"meta":{"refUuid":"746d550b-eb71-49a7-4478-4ea0adb0359e"},"uuid":"d3ddd04a-f889-4d5f-9cab-d900c0d829fd","configType":"workbench"},{"meta":{"content":"### Long-Term Holder Sell-side Risk Ratio\n---\n\nThe LTH 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 LTH realized 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\nThis metric provides a comprehensive story about market cycles:\n\n- ↗️ High values are associated with periods of high value realization, typically associated with heavy profit taking by coins with long holding periods. This is typical of late stage bull markets and can signal an oversupply of coins, or a view that prices are becoming expensive, and thus a relatively high risk environment.\n\n- ↘️ Low Values are associated with periods of low value realization by LTHs, and relatively low market volatility. This is typical of market consolidation phases, sideways market trends, and protracted bear markets. This tends to align with macro market lows as gradual accumulation takes place."},"uuid":"ff52b5f4-9048-44ab-bc0c-9a9dbefc4c4a","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"78089820-8959-42c8-76df-9f7fb5d718f0"},"uuid":"9a0bc22a-9492-4e35-9a18-ae17cecc7364","configType":"workbench"},{"meta":{"date":1679875200000,"asset":"BTC","since":1231718400000,"until":1679875200000,"mathFn":{"name":"ema","value":"7"},"currency":"usd","metricCode":"transactions.TransfersVolumeEntityAdjustedFromLthProfitSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"004495f8-b014-4378-8da1-ea9ed9c65d66","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#22ca64","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"### Long-Term Holder Spent Volume Proportional to Supply Held\n---\n\nThis metric displays the percentage of Long-Term Holder on-chain transfer volume in proportion to the total supply held by this cohort.\n\nPeriods where a large proportion of the held supply transact typically occur around high volatility events such as major sell-offs, and during oversupply events near market tops.\n\n- 🟢 Presents the volume of LTH spent volume which is in profit as a proportion of total LTH supply.\n\n- 🔴 Presents the volume of LTH spent volume which is in loss as a proportion of total LTH supply."},"uuid":"36f99e02-2b2d-41fb-9e3a-cb8e629f7387","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"173360b3-8220-4a74-6c7e-8c173cf2b18a"},"uuid":"65b6b307-52cd-41c2-b209-9497d164e338","configType":"workbench"},{"meta":{"content":"### Long-Term Holder Transfer Volume [USD]\n---\n\nThe total value settled by the Blockchain for Long-Term Holder transactions. This variant uses Entity-adjustment to filter out non-economical transactions such as self-spends, relay transfers, and assumed change based on industry standard heuristics.\n\n\nTransfer volumes provide an indication and baseline for the degree of demand for blockspace, and value settlement by the LTH cohort.\n\n"},"uuid":"e0802156-bee6-4f8f-a7ce-274828e60cd0","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Long-Term Holder Transfer Volume Profitability Bias\n---\n\nThis metric displays the bias of Long-Term Holder on-chain value which is settled in profit, or loss.  It is calculated as follows:\n\n`LTH Volume Bias = (LTH Volume in Profit / LTH Total Volume) - 0.5`\n\n- 🟢 Displays the bias of LTH Transfer volume in profit. This flags when more than 50% of the Long-Term Holder transfer volume is in profit.\n\n- 🔴 Displays the bias of LTH Transfer volume in loss. This flags when less than 50% of the Long-Term Holder transfer volume is in loss.\n"},"uuid":"02668e87-d4ea-4623-bfe3-6160e33ba52b","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Long-Term Holder Realized RVT Ratio\n---\n\nThe Realized RVT Ratio compares the total of realized value, to the total transfer volume associated with the LTH cohort. For full details of the Realized RVT Ratio calculation, please refer to the [description of original construction](https://studio.glassnode.com/workbench/btc-realized-rvt).\n\nFor the LTH cohort, the cyclical spending patterns tend to align with the following structure:\n\n- **During bullish uptrends**, both LTH spent volume, and realized profits tend to increase as profits are taken. This creates upwards pressure on both numerator and denominator, often leading to modest uptrends in the Realized RVT.\n\n- **During transitional periods, and market consolidations**, both LTH transfer volume and realized value tend to reach local minimums, resulting in a relatively low and stable Realized RVT ratio.\n\n- **During bear market capitulation events**, the LTH cohort is largely saturated with holders from the prior cycle, holding large unrealized losses. Thus, large washout events tend to motivate heavy realized losses, and transfer coins to new holders."},"uuid":"bb1bdf87-9004-4ec6-8b7f-58735932c4ed","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\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":"9620b414-b3aa-46ce-8305-21eee06d1a97","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1680480000000,"asset":"BTC","since":1313539200000,"until":1680480000000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedProfitLthToExchangesAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"837002b8-8668-4191-b6ee-c0d4c19165d5","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#00c3bb","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680480000000,"asset":"BTC","since":1313539200000,"until":1680480000000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.RealizedLossLthToExchangesAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"142b5b9d-5d62-4c1f-83c6-1c1be65d65de","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#ff397f","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680480000000,"asset":"BTC","since":1313539200000,"until":1680480000000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"transactions.TransfersVolumeLthToExchangesProfitSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"de3726bb-b4ff-49a0-9666-943bd5e514a9","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#00d8b6","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680480000000,"asset":"BTC","since":1313539200000,"until":1680480000000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"transactions.TransfersVolumeLthToExchangesLossSum","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"b1dc9db5-c356-42bd-b1a1-1b3c6bda97ab","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#ff578b","chartStyle":"line"},"configType":"metric"}],"layouts":[{"h":8,"i":"78a278ff-7263-49ae-9606-cb389c915685","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"7917a0fd-2071-4b34-91c0-f92499aa167d","w":6,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"9fcba639-fd55-44c5-be8a-8f9bb6b14b71","w":6,"x":6,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"36fc1a24-c6be-4ee5-ac81-e4e793bf929e","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"2b96e998-8dcb-4391-972f-68c702919730","w":8,"x":4,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"34657439-be97-4806-b73e-0f1c8c5ab9b7","w":4,"x":0,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"4aad1088-3c6f-4591-aad8-497d44678c1e","w":8,"x":4,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6915b2dd-57b1-49de-a0c2-6e5f7c3623aa","w":4,"x":0,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"b432fe02-ab63-47f0-b630-774be79d49c7","w":8,"x":4,"y":76,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"4baccb4b-9419-4fc5-a3ef-78bbc451448c","w":4,"x":0,"y":76,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"23642f6b-370a-42f2-9b7b-392f1dcc3032","w":12,"x":0,"y":28,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"7d73e6c9-f9a5-4e3d-b7fa-2b04b5cad808","w":8,"x":4,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"69860227-cbea-47a3-ba67-fdc66d9b34d8","w":8,"x":4,"y":34,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"d450225d-7cc4-49bf-9d7c-d914ea1cb664","w":6,"x":6,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"4f16f18d-f237-4f0f-b26f-70dff895f2c5","w":6,"x":0,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"96f0338c-afc7-4f4c-a8a7-9af079f765f1","w":6,"x":6,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"d3ddd04a-f889-4d5f-9cab-d900c0d829fd","w":8,"x":4,"y":90,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ff52b5f4-9048-44ab-bc0c-9a9dbefc4c4a","w":4,"x":0,"y":90,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"9a0bc22a-9492-4e35-9a18-ae17cecc7364","w":8,"x":4,"y":98,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"004495f8-b014-4378-8da1-ea9ed9c65d66","w":6,"x":0,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"36f99e02-2b2d-41fb-9e3a-cb8e629f7387","w":4,"x":0,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"65b6b307-52cd-41c2-b209-9497d164e338","w":8,"x":4,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"e0802156-bee6-4f8f-a7ce-274828e60cd0","w":4,"x":0,"y":34,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"02668e87-d4ea-4623-bfe3-6160e33ba52b","w":4,"x":0,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"bb1bdf87-9004-4ec6-8b7f-58735932c4ed","w":4,"x":0,"y":98,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"9620b414-b3aa-46ce-8305-21eee06d1a97","w":12,"x":0,"y":106,"minH":1,"minW":3,"moved":fa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