Relative Unrealized Loss
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Relative Unrealized Loss sums the gap between cost basis and current value only for coins held at a loss, then divides by Bitcoin's market cap. Cost is approximated by the price at each coin's last on-chain move; the ratio is shown as a percentage and excludes offsetting gains on profitable coins.
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A rising percentage means underwater holdings carry larger losses relative to current market value; a falling reading indicates less paper-loss pressure. Annual highs reached about 75.88% on December 15, 2018 and 65.71% on November 9, 2022, providing historical stress references rather than fixed thresholds.
Both price changes and coins moving to new cost bases affect the reading, so a decline need not mean existing holders recovered their losses. Last-move prices are proxies, wallet reshuffles can reset them, and early zero values lack meaningful price history.
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- On-chain-indikatorer
- Type
- Enkeltverdi
- Data siden
- 2009-01-03
- Nyeste data
- 2026-10-28
FAQ
Why can Relative Unrealized Loss exceed 100%?
Its denominator is current market cap, not the original acquisition cost. If the losses on underwater coins exceed the current value of all coins, the percentage exceeds 100%; the recorded high was about 198.4% on October 19, 2011.
Is this the percentage of bitcoin supply held at a loss?
No. It measures the dollar size of paper losses relative to market cap. A supply-in-loss percentage counts coins without measuring how far below cost they are.
How is Relative Unrealized Loss connected to NUPL?
For matching coverage and cost conventions, NUPL is Relative Unrealized Profit minus Relative Unrealized Loss. The loss measure keeps underwater positions visible even when gains elsewhere leave the market in net profit.
