URPD Unrealized PnL per Cohort

What is it?

This chart decomposes URPD Unrealized PnL into two stacked cohorts: STH + LTH. Each price bucket carries two signed segments (positive above zero, negative below), one for the STH cohort and one for the LTH cohort. The sum of both per bucket equals the total URPD Unrealized PnL. This answers the question: who (STH or LTH) is in profit / loss at which price level.

How to read

Same axes as urpd-unrealized-pnl (X = USD price, Y = signed USD). Two complementary readings: (a) COLOR identifies the cohort (LTH blue conviction, STH orange hot money) — that's the holder ID; (b) SIGN (segment above or below zero) indicates profit/loss — that's the latent state. A blue LTH bar above zero = LTH in profit; blue LTH below zero = LTH in loss. Same for STH orange. Total height per bucket = total PnL. The Trinity rendering stacks two panels: BTC price on top (log scale + date marker), stacked histogram on bottom with cohort-colored bars (dedicated blue/orange palette for LTH/STH or spectral age palette depending on mode), `% cumulative` line on the inner right axis, vertical spot marker on the X axis, and an on-canvas statistics panel.

Key zones

Key zone 1 — STH orange below-zero + LTH blue above-zero: typical short-term stress, LTH conviction intact, bull run in consolidation. Key zone 2 — STH orange above-zero + LTH blue above-zero: mature bull regime, all cohorts in profit. Key zone 3 — STH orange below-zero + LTH blue below-zero: imminent systemic capitulation, rare bear-bottom. Key zone 4 — STH orange above-zero + LTH blue below-zero: atypical late-bear regime post-LTH acquisition at high prices. Reading: color = cohort (LTH blue, STH orange), sign = profit/loss.

What to observe

Track transitions between the 4 key zones above over time. The shift from Zone 1 to Zone 3 reflects an ongoing systemic capitulation (blue LTH starting to dip below zero). The shift from Zone 3 to Zone 1 reflects the bear's end: blue LTH back to positive while orange STH stays below. To explore this chart in institutional mode : the default **Minimal** mode maximises data legibility (compact stats + period presets 1D/7D/1M/3M/6M/1Y/Now + precise date picker). The **⚙️ Expert** button reveals advanced tools : **🎯 Highlight profit** toggle (dims loss BTC to emphasise the support profit zone), **🔍 Hide outliers** toggle (hides the top 1% extreme spikes to zoom on the main distribution), and the clickable historical events bar with badges (▲ cycle tops, ▼ bottoms, ⚡ macro shocks). The **📊 Compare** button opens a second date picker and renders a delta summary card between the 2 snapshots (supply change, profit zone, top accumulation and top distribution per price bucket). The **📥 Export** button offers PNG (all tiers, with trinityinsights.io watermark + logo + copyright) and CSV (Performance+ only, with traceability metadata : slug, date, spot, mode, locale, generation timestamp). Keyboard shortcuts : A/D navigate dates, W/S toggle BTC↔USD, 1-7 select presets, R returns to latest snapshot, ? opens full help. The X axis carries the **acquisition price (USD)** and the inner right line shows the **% BTC cumulative** (cumulative share of BTC below each price level). The URL retains full state for sharing (`?date=YYYY-MM-DD&w=BTC|USD&expert=1&compare=YYYY-MM-DD`).

Historical context

At absolute bear-market bottoms, the blue LTH below-zero + orange STH below-zero configuration (Zone 3) has been reached rarely and briefly (a few weeks historically). At bull-run tops, the blue LTH above-zero + orange STH above-zero configuration (Zone 2) is durable but often hides growing STH fragility on high buckets (profit not yet realised).

Expert notes

The combined reading with urpd-realized-cohort-lth-sth allows distinguishing capital concentration (USD) vs unit concentration (BTC) for each cohort. STH cohort dense in USD with deep red PnL = maximum hot money stress, structural alert.

Common mistakes to avoid

Latent PnL per cohort is not an immediate-action indicator: STH can hold underwater positions for weeks, and LTH can capitulate late even exiting a long bear. Cross-read with sopr-classic to observe actual realisations.

Programmatic access

REST API

curl -sS \
  'https://api.trinityinsights.io/api/v1/onchain/urpd-unrealized-cohort/history?days=90' \
  -H 'X-API-Key: $TRINITY_API_KEY'

MCP server

{
  "tool": "get_chart_value",
  "metric_id": "urpd-unrealized-cohort",
  "timeframe": "1y"
}

Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.

Related metrics

• urpd-unrealized-pnl
• urpd-realized-cohort-lth-sth

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.