# LTH-NUPL

## Indicator Overview

Long Term Holder NUPL (LTH-NUPL) is [Net Unrealized Profit/Loss](https://gitlab.com/glassnode/web/docs/-/blob/master/guides-and-tutorials/metric-guides/unrealized-profit-loss/net-unrealized-profit-loss.md) that takes into account only UTXOs with a lifespan of at least 155 days and serves as an indicator to assess the behaviour of long term investors.

<figure><img src="https://2190898932-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-Ldi5WtVBeQ2iFbdqJ1a%2Fuploads%2Fgit-blob-d46360c43ed011b43106b858ace81544f4cada9e%2F1.png?alt=media" alt="Bitcoin: LTH-NUPL"><figcaption></figcaption></figure>

* [View LTH-NUPL in Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC\&m=indicators.NuplMore155)
* [View LTH-NUPL in Glassnode API Docs](https://docs.glassnode.com/basic-api/endpoints/indicators#lth-nupl)

## How is it measured?

LTH-NUPL is calculated by taking the NUPL value only for spent outputs as old as or older than 155 days.

$$
\begin{align\*} \textrm{LTH-NUPL} &= \textrm{LTH-Relative Unrealized Profit} - \textrm{LTH-Relative Unrealized Loss} \\\[0.5em] &= \frac{\textrm{LTH-Market Cap} - \textrm{LTH-Realized Cap}}{\textrm{LTH-Market Cap}} \\\[0.5em] &= \frac{ \textrm{value} \cdot (\textrm{price}~~{\color{gray}{\[\textrm{USD}]}} - \textrm{price}\_\textrm{created}~~{\color{gray}{\[\textrm{USD}]}})~~{\color{gray}{\textrm{(of all UTXOs where age} \ge 155~~\textrm{days)}}} } { \textrm{value} \cdot \textrm{price}~~{\color{gray}{\[\textrm{USD}]}}~~{\color{gray}{\textrm{(of all UTXOs where age} \ge 155\~\textrm{days)}}} } \end{align\*}
$$

## About

### Introduced By

[Glassnode](https://twitter.com/glassnode) (via [NUPL](https://gitlab.com/glassnode/web/docs/-/blob/master/guides-and-tutorials/metric-guides/unrealized-profit-loss/net-unrealized-profit-loss.md) by [Tuur Demeester](https://twitter.com/TuurDemeester), [Tamás Blummer](https://twitter.com/tamasblummer), and [Michiel Lescrauwaet](https://twitter.com/MLescrauwaet))

### Date Introduced

March 2020

## Further Resources

Rafael Schultze-Kraft - [Breaking up On–Chain Metrics for Short and Long Term Investors](https://insights.glassnode.com/sth-lth-sopr-mvrv/)

Tuur Demeester, Tamás Blummer, and Michiel Lescrauwaet - [A Primer on Bitcoin Investor Sentiment and Changes in Saving Behavior](https://medium.com/@adamant_capital/a-primer-on-bitcoin-investor-sentiment-and-changes-in-saving-behavior-a5fb70109d32)

Rafael Schultze-Kraft - [Dissecting Bitcoin's Unrealised On-Chain Profit/Loss](https://medium.com/glassnode-insights/dissecting-bitcoins-unrealised-on-chain-profit-loss-73e735020c8d)