LTH/STH PnL Breakdown (USD)
Supply in profit vs loss broken down by LTH and STH cohorts, expressed in USD.
What is it?
This metric decomposes total supply across four complementary series: (1) LTH supply in profit, (2) LTH supply in loss, (3) STH supply in profit, (4) STH supply in loss. Each series is USD-expressed by multiplying by current price. A UTXO is in profit if its cost basis is below current price; in loss otherwise. The LTH/STH split follows the 155-day convention used as on-chain literature reference.
How to read
The four curves read as four market components. The sum (LTH profit + STH profit) represents unrealized gain capitalization; the sum (LTH loss + STH loss), unrealized loss capitalization. Relative cohort dominance characterizes the current market regime.
Key zones
Bull regime: LTH profit and STH profit dominate, both loss cohorts residual. Bear regime: both loss cohorts develop, STH profit collapses. Transition (bottom) regime: LTH loss peaks, marking structural-holder capitulation.
What to observe
The STH loss versus LTH loss ratio is particularly informative: loss concentrated on the STH cohort indicates tactical correction, while extension to the LTH cohort indicates structural long-term capitulation often associated with cycle bottoms.
Historical context
The March 2020 COVID crash saw a historic LTH loss peak marking the beginning of the subsequent bull run. The November 2022 FTX collapse reproduced a similar pattern. Cycle tops in 2017 and 2021 saw maximum STH profit dominance, indicating tactical market overheating.
Expert notes
USD conversion multiplies by current price, meaning the metric is co-moving with price at steady state. To decouple price effect from cohort effect, use the percentage-of-market-cap variant which normalizes this effect.
Common mistakes to avoid
An STH profit peak does not necessarily indicator imminent distribution: it may simply reflect revaluation of a set of recent UTXOs following a price rise without selling intent. The metric measures unrealized profit potential, not actual holder behavior.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/breakdown-lthsth-pnl-abs/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "breakdown-lthsth-pnl-abs",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.