Skip to main content

Realized P/L

Aggregate realized profit/loss across all holders (LTH + STH)

PropertyValue
CategoryProfit & Loss
UnitUSD
Resolution1d
AssetsBTC
TierBasic
API EndpointGET /v1/holder/profit
Fieldrealized_pl

Overview​

Realized P/L measures the total realized profit or loss across all Bitcoin holders. Unlike unrealized P/L which measures paper gains, realized P/L captures actual profit-taking and loss-taking events — the net USD value locked in or lost when coins move on-chain.

This is the aggregate version combining LTH Realized P/L and STH Realized P/L.

Formula​

Realized P/L=LTH Realized P/L+STH Realized P/L\text{Realized P/L} = \text{LTH Realized P/L} + \text{STH Realized P/L}

Each component is computed as the sum of (current price - acquisition price) for all UTXOs spent in a given period, weighted by the logistic holder classification function.

Interpretation​

  • Realized P/L > 0: On aggregate, more profit is being realized than losses — holders are selling at prices above their cost basis. Sustained high values indicate active distribution.
  • Realized P/L < 0: Holders are realizing losses — selling below cost basis. This is characteristic of bear market capitulation.
  • Spikes (positive): Large positive spikes indicate significant profit-taking events, often near local or cycle tops.
  • Spikes (negative): Large negative spikes indicate panic selling or forced liquidation events.

Use Cases​

  • Distribution/accumulation detection: Persistent positive realized P/L signals distribution; negative signals accumulation under duress.
  • Cycle phase identification: The transition from negative to positive realized P/L often marks the shift from bear to bull market.
  • Volume confirmation: High realized P/L (either direction) with high volume confirms conviction behind price moves.
  • Cohort attribution: Comparing LTH vs STH Realized P/L reveals which holder class is driving sell-side activity.

API Usage​

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/holder/profit?start_date=2024-01-01&end_date=2024-12-31&limit=365"