Revived Year Realized PnL
Cumulative net realized PnL per representative vintage cohort (profit minus loss) - surfaces structural winners and losers across BTC cycles.
What is it?
Revived Year Realized PnL is the definitive synthesis: cumulative Profit (#321) - cumulative Loss (#320) per vintage class. Gives historical net realized PnL of each cohort. A line above zero = globally winning vintage (Profit > Loss). A line below zero = globally losing vintage. Slope reflects dynamics: positive slope = net gain phase, negative slope = net loss phase.
How to read
Multi-line USD with zero-line (Y axis may cross zero). Not necessarily log scale (PnL can be positive or negative). The 2009 vintage is typically very high above zero (massively positive cumulative PnL). 2017+ vintages may oscillate: positive during bulls, sub-zero after deep bears.
Key zones
The Y > 0 zone = cumulatively winning vintage. The Y < 0 zone = cumulatively losing vintage. A line crossing zero from positive to negative = structural inversion (rare and highly informative). The 2009 vintage never crosses zero historically (absolute Profit dominance). The 2024 vintage starts near zero and progressively moves away (depending on the next bull/bear).
What to observe
Compare vintages to identify structurally winning vs losing generations. Watch inflexions: a vintage moving from +X% to -X% in a short time marks regime change. Cross-reference with #319 Cost Value snapshot to normalize: $1B cumulative net PnL on a vintage still holding $10B in live cost basis = moderate profit-extraction ratio (10%). The same value on a $100M cost basis vintage = massive ratio (10x already extracted).
Historical context
Historical bull markets generate massive rises on old vintages (2009-2013) that actively distribute. Deep bear markets (2018, 2022) generated temporary sub-zero net PnL on 2017+ vintages before subsequent rebound. The 2024 vintage (new) builds its PnL history: its trajectory will depend on the next full cycle.
Expert notes
This metric synthesises the per-cohort PnL analysis. For ultimate premium analysis, normalize cumulative net PnL by each vintage's current BTC supply (#317 byyear-btc): you get 'profit-per-BTC' by generation. This fairly compares vintages of different sizes. A 2009 vintage at $10000/BTC profit-per-BTC vs a 2017 vintage at $5000/BTC profit-per-BTC indicates the first extracted 2x more per unit of historical stock.
Common mistakes to avoid
Common mistake: interpreting a negative PnL as 'definitive losers'. A cohort with negative cumulative net PnL today may switch to positive if it holds until the next bull market and then distributes with profit. Cumulative does not prejudge the future. Also: do not confuse cumulative net PnL with current net PnL: cumulative is the balance of all past distributions, not the future potential of coins still held.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/revived-year-realized/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "revived-year-realized",
"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.