{"path":"/breakdowns/supply_by_pnl_relative","tier":3,"parameters":{"a":["USDT"],"c":["native"],"f":["csv","json"],"i":["24h"]},"queried":{"a":"USDT","path":"/v1/metrics/breakdowns/supply_by_pnl_relative"},"refs":{"docs":"https://docs.glassnode.com/basic-api/endpoints/breakdowns#get-v1-metrics-breakdowns-supply_by_pnl_relative","studio":"https://studio.glassnode.com/charts/breakdowns.SupplyByPnlRelative","metric_variant":{"bulk":"/breakdowns/supply_by_pnl_relative/bulk","pit":"/breakdowns/supply_by_pnl_relative_pit"}},"bulk_supported":true,"timerange":{"min":1511913600,"max":1784160000},"modified":1784257726,"descriptors":{"name":"Relative Supply by Profit and Loss","short_name":"Relative Supply by PnL","group":"Supply","tags":["on-chain","supply","cohorts","profit_loss","unrealized_profit_loss"],"description":{"default":"**Definition.** Relative version of [Supply by Profit and Loss](https://studio.glassnode.com/metrics?a=BTC\u0026m=breakdowns.SupplyByPnl): the share of total supply held in each unrealized profit-and-loss band, expressed as a percentage of supply rather than in native units. Bands are defined around Fibonacci retracement levels.\n\n**Technical.** Breakdown metrics use an address-based approach, analyzing transactions and holdings at the individual wallet-address level to support comparability across digital assets and consistent analysis across blockchain architectures. This contrasts with the UTXO-based approach used for chains like Bitcoin, so metrics for UTXO-based assets may show slight deviations across the two computational methods.\n\n**Interpretation.** A high share of supply in profit means most of the float was acquired below the current price, a high share in loss means most of the float is held above the current price. Surfaces the share of total supply held at a profit versus a loss, exposing aggregate market sentiment and potential support / resistance levels. Answers questions of the form: is the majority of supply currently held at a profit or a loss relative to its acquisition cost?\n"},"data_sharing_group":"onchain"}}