Entity-Adjusted Relative Unrealized Loss
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
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.
How to read it
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.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data points
- 6,507
FAQ
Why does entity adjustment change unrealized loss?
Moving coins between one's own addresses can assign a new last-move price even without an economic acquisition. Retaining an entity-aware cost estimate changes both which holdings are underwater and the size of their estimated losses.
Is the difference from unadjusted loss a measure of internal transfer volume?
No. Both series are ratios of estimated paper losses to market cap, not transfer-volume measures. Their difference reflects cost-basis and classification effects rather than a BTC amount moved internally.
Does adjusted loss have a 100% ceiling?
No. Its current-market-value denominator can be smaller than accumulated paper losses. The recorded maximum was about 193.0% on October 19, 2011.
