Entity-Adjusted Relative Unrealized Loss

Τι μετρά

Entity-Adjusted Relative Unrealized Loss divides estimated paper losses on underwater holdings by Bitcoin's market cap and displays the result as a percentage. Addresses are grouped into entities so that recognized internal transfers do not count as fresh acquisitions when estimating cost basis.

Πώς διαβάζεται

Higher values indicate more loss pressure after accounting for identified internal transfers; lower values indicate less. This adjusted series reached about 75.20% on December 15, 2018 and 54.33% on November 9, 2022, so the depth of loss has varied substantially across historical stress periods.

Entity clustering is an estimate of address control and cannot reveal trades inside a custodian's books. Labels and cost estimates can be revised, and the adjustment can change which holdings are in profit or loss; its gap from the unadjusted metric is not simply a quantity of losses removed.