Long-Term Holder Relative Unrealized Loss
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Long-Term Holder Relative Unrealized Loss measures gross paper losses on coins held for about 155 days or longer, divided by the current market value of that cohort and shown as a percentage. Only holdings with estimated last-move costs above spot contribute to the loss numerator.
How to read it
A high reading means substantial losses have reached older holdings; a low value means their loss burden is limited even if some recent holders are underwater. The annual peak was about 4.41% in 2021, compared with 75.08% on November 9, 2022, showing a much broader impact on aged holdings in the latter year.
Coins bought at high prices can enter the long-term cohort after aging, lifting loss without a new transaction that day. Dormant supply and wallet-based cost estimates shape the result, and positive loss can coexist with net cohort profit because gains are measured separately.
- 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
Why does the long-term loss series start in June 2009?
The first recorded value is June 7, 2009. Before coins had aged about 155 days, no holdings could meet the conventional long-term definition; the page's overall date range begins earlier.
Does any positive LTH unrealized loss mean long-term holders are underwater overall?
No. It shows losses on the subset held above spot cost. Other long-term holdings may have enough paper profit to leave the cohort in net profit; use a matching net measure to assess the balance.
Why might LTH loss rise while BTC price barely moves?
Previously expensive coins can mature into the cohort, changing its cost mix and market-value denominator. A change in group membership can therefore raise the ratio without a matching same-day price decline.
