Long-Term Holder NUPL
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Long-Term Holder NUPL is the long-term cohort's market value minus its realized value, divided by its own market value. It is a unitless measure of net paper profitability for holdings aged roughly 155 days or more, including very old low-cost coins.
How to read it
High values indicate a large profit cushion within long-held supply; readings near zero indicate that cushion has largely disappeared, and negative values mean aggregate unrealized loss. The series fell to about -0.800 on January 14, 2015 and -0.327 on November 9, 2022, documenting stress even among seasoned holdings.
Low-cost dormant and lost coins can lift the aggregate, while expensive coins acquired months earlier can enter the cohort and lower it without a price change. Internal transfers also reset age in this unadjusted version. These are paper gains and losses, not a measure of how much long-term holders spent.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
FAQ
Why does LTH-NUPL start later than the network itself?
Coins need roughly 155 days to qualify for the long-term cohort. The supplied series first has a value on June 7, 2009, rather than at the January network launch.
Can long-term holders be in loss despite having held for months?
Yes. Age alone does not guarantee a low cost basis. Coins acquired at high prices can mature into this group, and the January 2015 and November 2022 negative readings show aggregate loss episodes.
Is a LTH-NUPL of 0.8 an 80% return on cost?
No. It means net paper gain is 80% of current cohort market value. Cost is then 20% of market value, equivalent to market value at five times cost if the inputs match.
