Total Realized PnL
Aggregated net realized profit minus loss across LTH and STH cohorts, in USD.
What is it?
This metric aggregates the four components of the LTH/STH PnL breakdown into a single net series. Formula: (LTH profit + STH profit) minus (LTH loss + STH loss), all expressed in USD. The result is a synthetic measure of the market's unrealized capitalization regime: positive when the market is in overall gain, negative when in overall loss.
How to read
The vertical axis is USD, the zero line is critical. Above zero the market is in overall unrealized gain; below zero in overall unrealized loss. Zero crossings mark the most significant regime transitions, often associated with cycle bottoms or tops.
Key zones
Historic positive peaks correspond to bull-run tops (all cohorts in profit, maximum capitalization). Historic negative troughs correspond to bear-market bottoms (all cohorts under stress, structural capitulation). The near-zero zone marks inter-cycle transition phases.
What to observe
Negative-to-positive crossings are the most reliable structural bull-market entry indicates. Reverse crossings are bear-market entry indicates. Zero-crossing speed indicates the strength of the incoming regime.
Historical context
Historic zero crossings include March 2016 (bull-run entry), December 2018 (bear-market exit), March 2020 (rapid capitulation then recovery), June 2022 (post-Luna bear entry), January 2023 (post-FTX recovery). Each crossing marked a structural inflection confirmed by price in the following months.
Expert notes
This metric is co-moving with price at steady state. To decouple price effect from structural effect, use the market-cap-normalized percentage variant. The aggregated metric is particularly useful as a simple cycle-composite input. Reading note: the punctual vertical negative spikes visible on the long-term horizon (notably during early-Bitcoin 2011-2014 and during capitulations 2018, 2019, 2022, 2023) reflect transient aggregated unrealized-loss regimes. These spikes are real and mark structural capitulation phases where market conditions temporarily flipped to aggregated total loss. They faithfully retrace the market's extreme volatility history.
Common mistakes to avoid
A record absolute value does not necessarily indicate an imminent cycle top: mechanical supply and price growth drive regular absolute records. Scale to percentage of market cap to judge real cohortal saturation. Similarly, the visual negative spikes do not mark an imminent crash: they are the historical trace of past capitulations, not a projection.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/breakdown-pnl-total/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "breakdown-pnl-total",
"timeframe": "1y"
}Required tier: performance. 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.