Entity-Adjusted Short-Term Holder NUPL
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Entity-Adjusted Short-Term Holder NUPL measures the difference between the recent-holder cohort's market value and entity-adjusted realized value, divided by that cohort's market value. The unitless ratio uses inferred ownership continuity to reduce internal-transfer cost resets in a group defined around the 155-day holding boundary.
How to read it
Moving above zero indicates aggregate paper profit for the adjusted recent-holder group; moving below zero indicates loss. On June 18, 2022 the ratio reached about -0.793, while on October 17 of that year it was about -0.204. These observations distinguish a deep loss episode from the less severe loss position later in the year.
Filtering cannot reconstruct every acquisition or identify all owners, and changing cohort membership still moves the average. The adjustment may make readings higher or lower than unadjusted STH-NUPL. It measures remaining paper gains and losses rather than the losses actually realized by that day's transfers.
- 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
- 6,507
FAQ
Does entity adjustment remove short-term traders from the metric?
No. It filters recognized internal movements, not people classified as traders. The recent-holder group still covers holdings assigned to the short-term age cohort.
How different was the adjusted reading on October 17, 2022?
Adjusted STH-NUPL was about -0.204, compared with roughly -0.100 for the unadjusted series on the same date. This illustrates that entity adjustment does not automatically make the cohort appear more profitable.
Why can this ratio recover without holders selling at a profit?
Price can recover, lower-cost acquisitions can enter, or higher-cost holdings can age into the long-term group. Any of these can improve the remaining cohort's paper profitability without proving profitable sales.
