Short-Term Holder NUPL
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Short-Term Holder NUPL subtracts the realized value of short-term holdings from their market value and divides by that cohort's market value. The unitless ratio describes net unrealized gains or losses on coins conventionally held for less than about 155 days, rather than on all circulating supply.
How to read it
Readings above zero mean recent holders are in aggregate paper profit; readings below zero mean they are underwater. The series stayed between about -0.677 and +0.0247 in 2022, with the low on June 18, showing how little aggregate profit recent holdings carried during that year. Rising values indicate improving cohort profitability, while falling values indicate more stress.
Coins age out of the group and new transfers refresh its cost base, so changes are not driven by price alone. This version includes unfiltered internal movements that can make old holdings look newly acquired. A cohort average cannot reveal how many individual holders are losing.
- 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
What is the breakeven level for STH-NUPL?
Zero, where the short-term cohort's market value equals its realized value. With matching inputs, that corresponds to STH-MVRV of 1 and BTC price equal to the cohort's average cost.
Why can STH-NUPL deteriorate while all-market NUPL remains positive?
Recent holdings can have costs close to current prices, while the full market includes much older low-cost coins. A decline can put recent buyers underwater without erasing aggregate gains across all supply.
Does a reading of -0.5 mean recent holders lost half their original investment?
No. The loss is half of current market value, making cost 1.5 times current value. Relative to cost, that is a loss of about one-third, not one-half.
