Unrealised NUPL LTH AVIV NUPL LTH AVIV
Bitcoin
This is the Long-Term Holder NUPL computed in the cointime (AVIV) framework, isolating active long-held supply.
Why it matters
It reads the paper-profit psychology of conviction holders with dormant coins filtered out.
How it is built
Active LTH market value minus active LTH invested value, divided by active LTH market value.
What to watch
Extreme highs mark long-term holders richly in profit near tops; negative readings mark their capitulation at bottoms.