STH-NUPL serves as an indicator of profit and loss, as assessed by the behaviour of short-term investors.

Indicator Overview

Short Term Holder NUPL (STH-NUPL) is Net Unrealized Profit/Loss that takes into account only UTXOs with a lifespan of less than 155 days and serves as an indicator to assess the behaviour of short term investors.

How is it measured?

STH-NUPL is calculated by taking the NUPL value only for spent outputs younger than 155 days.


Introduced By

Glassnode (via NUPL by Tuur Demeester, Tamás Blummer, and Michiel Lescrauwaet)

Date Introduced

March 2020

Further Resources

Rafael Schultze-Kraft - Breaking up On–Chain Metrics for Short and Long Term Investors

Tuur Demeester, Tamás Blummer, and Michiel Lescrauwaet - A Primer on Bitcoin Investor Sentiment and Changes in Saving Behavior

Rafael Schultze-Kraft - Dissecting Bitcoin's Unrealised On-Chain Profit/Loss