STH and LTH NUPL
Aggregate NUPL blends two cohorts with opposite behaviour. Drawn separately, STH NUPL shows whether the most recent buyers sit at a loss β they capitulate first β while LTH NUPL measures the holding strength of old coins: it drops at cycle lows but usually stays positive. Both series are BRK-native (155-day boundary), no self-reconstruction. Descriptive, not a buy/sell signal.
- Formula:
- NUPL_cohort = (Market Cap_cohort β Realized Cap_cohort) Γ· Market Cap_cohort Β· STH = coins < 155 d, LTH = coins β₯ 155 d
- Originator:
- Adamant Capital (NUPL) Β· Glassnode (STH/LTH cohorts)
- Data source:
- BRK (Bitcoin Research Kit, brk_sth_nupl / brk_lth_nupl, point-in-time in btc_chart_metrics)
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