URPD Unrealized PnL
Unrealized Profit and Loss per price bucket: signed mass of supply in profit versus underwater at current spot.
What is it?
URPD Unrealized PnL computes for each price bucket the signed value (supply × (spot - bucket cost basis)). Buckets whose cost basis is below spot appear positive (unrealized profit); buckets whose cost basis exceeds spot appear negative (unrealized loss). The histogram reveals the exact distribution of latent profits and underwater positions across the holder base.
How to read
The horizontal axis carries USD price buckets. The vertical axis is signed (green palette above zero for profit, red below for loss). The central zero line is the visual reference. The integral sum of positive bars minus the sum of negatives equals the aggregate Net Unrealized Profit/Loss. Two-step reading: total bar volume + balance of the up/down asymmetry. The Trinity rendering stacks two panels: BTC price on top (log scale + selected-date marker), URPD histogram on bottom with green/red colored bars based on position relative to spot, `% cumulative` line on the inner right axis, vertical spot marker on the X axis, and an on-canvas statistics panel displaying total and profit/loss breakdown.
Key zones
Deep red bars just above spot = major resistance zone (potential capitulation when price returns there). Dense green bars far below spot = deep locked profit (low panic-distribution risk). Strongly profit-dominant asymmetry = advanced bull regime. Strongly loss-dominant asymmetry = potential imminent capitulation.
What to observe
Three patterns: (1) Dense red bar mass just above spot = mature bull run with fragile recent buyers. (2) Growing profit side and emptying loss side = post-capitulation accumulation phase where underwater positions have been liquidated. (3) Narrow neutral zone around spot = short-term market equilibrium, no immediate catalyst. 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 historical bull-run tops, the deep red zone is nearly absent (almost all supply is in profit). At historical bear-market bottoms, the red zone is dominant (large fraction in unrealised loss). This profit/loss flip is one of the most robust structural markers of cycle transition.
Expert notes
This histogram is the fine decomposition of NUPL (Net Unrealized Profit/Loss): NUPL aggregates what URPD Unrealized PnL distributes per bucket. Reading both in parallel is the standard institutional approach.
Common mistakes to avoid
Do not interpret the green zone as a defense guarantee: latent profits can convert to active distribution if spot keeps rising (profit-taking). Likewise, the red zone is not a support guarantee: underwater holders can capitulate.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/urpd-unrealized-pnl/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "urpd-unrealized-pnl",
"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.