# 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="/files/gRbRvWYIfjFaEDkX7sJ8" 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)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.glassnode.com/guides-and-tutorials/metric-guides/unrealized-profit-loss/lth-nupl.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.