Short-Term Holder Relative Unrealized Profit
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Short-Term Holder Relative Unrealized Profit is the sum of paper gains on profitable coins held for less than about 155 days, divided by the current market value of that cohort. The percentage uses last-move prices as cost estimates and leaves losses on other recent holdings out of the numerator.
How to read it
A larger value indicates more paper profit relative to the value of recent holdings; a drop toward zero means little gross gain remains in that cohort. The series reached about 43.50% on January 8, 2021, whereas its 2022 annual high was only about 8.07%, showing a much thinner recent-holder profit cushion that year.
A few highly profitable holdings can lift the ratio even if many other recent coins are underwater. Transfers and aging near the 155-day boundary change the group's composition, so the reading is neither a typical trader's return nor an independent signal that gains will be spent.
- 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 10% STH relative profit mean recent buyers earned a 10% return?
No. The denominator is the cohort's current market value, and only positive paper gains enter the numerator. A conventional return uses acquisition cost and may include losses, so the two are different calculations.
Can recent-holder profit fall to zero?
Yes. The series records zero on February 5, 2026, meaning no positive paper gain was counted in this cohort at the available precision. It does not imply that Bitcoin's whole market value was zero.
Why can recent-holder profit differ so much from long-term holder profit?
Recently moved coins often carry costs closer to current prices, whereas older holdings can retain much lower cost estimates. Each ratio also uses its own cohort market value, so the two cannot be read as shares that sum to 100%.
