STH-NUPL | Glassnode Docs

Indicator Overview

Short Term Holder NUPL (STH-NUPL) is that takes into account only UTXOs with a lifespan of less than 155 days and serves as an indicator to assess the behaviour of short term investors.

How is it measured?

STH-NUPL is calculated by taking the NUPL value only for spent outputs younger than 155 days.

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

About

Introduced By

(via by , , and )

Date Introduced

March 2020

Further Resources

Rafael Schultze-Kraft -

Tuur Demeester, Tamás Blummer, and Michiel Lescrauwaet -

Rafael Schultze-Kraft -

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