# Unrealized Loss ## Indicator Overview By looking at the delta between the price when a [UTXO](/guides-and-tutorials/on-chain-concepts/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 Loss represents the total loss accrued by UTXOs which were created (i.e. realized) when the price of the asset was higher than the current price.
Bitcoin: Unrealized Loss
* [View Unrealized Loss in Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC\&m=indicators.UnrealizedLoss) * [View Unrealized Loss in Glassnode API Docs](https://docs.glassnode.com/basic-api/endpoints/indicators#unrealized-loss) ## How is it measured? Unrealized Loss is defined as the total loss (in USD) of all coins in existence whose price at realization time was higher than the current price, normalized by the market cap. $$ \begin{align\*} \textrm{Unrealized Loss} &= \textrm{value} \cdot (\textrm{price}*\textrm{created}~~{\color{gray}{\textrm{\[USD]}}} - \textrm{price}~~{\color{gray}{\textrm{\[USD]}}}) \ &\quad, {\color{gray}{\textrm{(of all UTXOs where price$*\textrm{created}$ $>$ price)}}} \\\[2em] \textrm{Relative Unrealized Loss} &= \frac{\textrm{Unrealized Loss}}{\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) --- # 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/unrealized-loss.md?ask= ``` 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.