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.

STH-NUPL=STH-Relative Unrealized ProfitSTH-Relative Unrealized Loss=STH-Market CapSTH-Realized CapSTH-Market Cap=value(price [USD]pricecreated [USD]) (of all UTXOs where age<155 days)valueprice [USD] (of all UTXOs where age<155 days)\begin{align*} \textrm{STH-NUPL} &= \textrm{STH-Relative Unrealized Profit} - \textrm{STH-Relative Unrealized Loss} \\[0.5em] &= \frac{\textrm{STH-Market Cap} - \textrm{STH-Realized Cap}}{\textrm{STH-Market Cap}} \\[0.5em] &= \frac{ \textrm{value} \cdot (\textrm{price}~{\color{gray}{[\textrm{USD}]}} - \textrm{price}_\textrm{created}~{\color{gray}{[\textrm{USD}]}})~{\color{gray}{\textrm{(of all UTXOs where age} < 155~\textrm{days)}}} } { \textrm{value} \cdot \textrm{price}~{\color{gray}{[\textrm{USD}]}}~{\color{gray}{\textrm{(of all UTXOs where age} < 155~\textrm{days)}}} } \end{align*}


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

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