Entity-Adjusted Relative Unrealized Profit
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Entity-Adjusted Relative Unrealized Profit measures estimated gains on profitable holdings as a percentage of Bitcoin's market cap. It groups addresses by entity and accounts for recognized internal transfers when estimating acquisition costs, rather than treating every wallet movement as a new purchase.
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An increasing reading points to a larger paper-profit cushion under the adjusted cost model; a decline means that cushion is contracting. The 2021 high was about 75.14% on February 21, while the 2024 high was about 64.64% on March 11, so past peaks offer context rather than a universal profit-taking threshold.
The adjustment depends on identifying common address control, and custodial trading may be invisible on-chain. Estimated costs and labels may change; the difference from raw profit is not a measure of new capital or proof that gains will be realized.
- Tiheys
- Päivittäin (UTC 00:00)
- Omaisuuserä
- BTC
- Kategoria
- On-chain-indikaattorit
- Tyyppi
- Yksittäinen arvo
- Dataa alkaen
- 2009-01-03
- Uusin data
- 2026-10-28
- Datapisteet
- 6,508
UKK
Does entity adjustment always reduce unrealized profit?
No. Removing internal cost resets can change estimated profit in either direction. On February 21, 2021, the adjusted series reached about 75.14%, slightly above the unadjusted 74.88% for that date.
Can the adjusted profit ratio measure fresh money entering Bitcoin?
No. It compares existing holdings with their estimated costs, so price alone can change it. A new-capital interpretation would require separate evidence about transfers and cost-basis changes.
Is entity-adjusted unrealized profit the same as entity-adjusted NUPL?
No. This metric sums gains without deducting losses. A matching net measure subtracts entity-adjusted relative unrealized loss, allowing profitable and underwater holdings to offset one another.
