LTH/STH PnL Breakdown (%)
LTH and STH profit vs loss breakdown as percentage of current market capitalization.
What is it?
Normalized variant of LTH/STH PnL breakdown: each component is expressed as a percentage of market capitalization. The four components sum to 100 percent at all times. Normalization removes the absolute price effect and enables comparison of capitalization internal structure across distant cycles.
How to read
The vertical axis is a percentage capped at 100. The four curves represent the components of market capitalization. Overwhelming LTH profit dominance (>70 percent) characterizes bull-run middles. LTH loss expansion characterizes cycle bottoms.
Key zones
LTH profit above 80 percent of market cap: mature bull regime with confirmed structural accumulation. LTH profit between 60 and 80 percent: typical intermediate bull phase. LTH profit below 50 percent: prolonged bear phase or difficult transition. LTH loss above 15 percent: near-structural capitulation.
What to observe
Band transitions are the most informative indicates: an LTH loss crossing from 5 to 15 percent over three months announces a structural capitulation phase. The reverse transition typically announces the beginning of a new structural bull phase.
Historical context
Cycle bottoms in 2015, 2018-2019, and 2022-2023 saw LTH loss reach 15 to 25 percent of market cap. Cycle tops typically saw STH profit reach 30 to 50 percent of market cap, marking capitalization concentration on the tactical cohort.
Expert notes
Normalization by market cap makes the metric comparable across cycles by removing the price effect. It is particularly suited for building cycle composites that integrate this cohortal structure.
Common mistakes to avoid
A high STH profit in percentage can mask low absolute STH capitalization if STH supply is reduced. For complete diagnosis, read alongside the absolute-USD variant which gives the real amplitude of each component.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/breakdown-lthsth-pnl-pct/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "breakdown-lthsth-pnl-pct",
"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.