Entity-Adjusted Long-Term Holder NUPL
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Entity-Adjusted Long-Term Holder NUPL subtracts the long-term cohort's entity-adjusted realized value from its market value and divides by that cohort's market value. This unitless paper-profit ratio combines a holding-age boundary near 155 days with filtering of recognized internal ownership transfers.
How to read it
A higher ratio means more of the long-term cohort's market value consists of net paper gains; below zero, the cohort is underwater in aggregate. On November 9, 2022 it reached about -0.183, compared with -0.327 in the unadjusted long-term series, showing how ownership-aware cost accounting can change the measured depth of stress.
The adjustment does not remove all dormant coins or prove actual acquisition prices, and entity labels may be revised. Coins maturing into or leaving the cohort alter the average independently of price. The near-1 early highs reflect a very low historical cost base and are poor fixed thresholds for later markets.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,352
FAQ
Does entity adjustment exclude lost coins from LTH-NUPL?
No. Recognizing internal transfers is different from estimating lost supply. Long-dormant low-cost holdings can remain in the cohort and influence aggregate profitability.
Did the adjusted long-term cohort stay profitable throughout 2022?
No. Its annual minimum was about -0.183 on November 9, 2022. Although it was about +0.033 on October 17, the later negative reading shows that aggregate profit did not persist throughout the year.
Why can LTH-NUPL differ from STH-NUPL even on the same date?
Each uses its own cohort's cost base and market value. Their denominators differ, so adding the ratios does not give all-market NUPL; any combination requires compatible inputs weighted by cohort market value.
