> For the complete documentation index, see [llms.txt](https://docs.glassnode.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.glassnode.com/further-information/metric-guides/unrealized-profit-loss/unrealized-profit.md).
# Unrealized Profit
## Indicator Overview
By looking at the delta between the price when a [UTXO](/data/utxo-vs.-account-based-chains.md#utxo-unspent-transaction-output-chains) was created vs. the current price of an asset, we can determine whether the specific coins in that UTXO are in a state of unrealized profit (price has increased) or loss (price has decreased), and to what extent.
Unrealized Profit represents the total profit accrued by UTXOs which were created (i.e. realized) when the price of the asset was lower than the current price.
* [View Unrealized Profit in Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC\&m=indicators.UnrealizedProfit)
* [View Unrealized Profit in Glassnode API Docs](https://docs.glassnode.com/basic-api/endpoints/indicators#unrealized-profit)
## How is it measured?
Unrealized Profit is defined as the total profit (in USD) of all coins in existence whose price at realization time was lower than the current price, normalized by the market cap.
$$
\begin{align\*} \textrm{Unrealized Profit} &= \textrm{value} \cdot (\textrm{price}\~{\color{gray}{\textrm{\[USD]}}} - \textrm{price}*\textrm{created}\~{\color{gray}{\textrm{\[USD]}}}) \ &\quad, {\color{gray}{\textrm{(of all UTXOs where price $>$ price$*\textrm{created}$)}}} \\\[2em] \textrm{Relative Unrealized Profit} &= \frac{\textrm{Unrealized Profit}}{\textrm{Market Cap}} \end{align\*}
$$
## Further Resources
Rafael Schultze-Kraft - [Dissecting Bitcoin's Unrealised On-Chain Profit/Loss](https://medium.com/glassnode-insights/dissecting-bitcoins-unrealised-on-chain-profit-loss-73e735020c8d)
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