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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsBitcoin realized profit estimates the value gain assigned to coins when they move on-chain. A price-stamping method compares a spent coin’s value at its current movement with its value at its previous on-chain movement, then sums positive differences. The result describes activity in the measured on-chain population; it does not prove that coins were sold or predict Bitcoin’s next move.
How Bitcoin realized profit is calculated
For a spent output, the basic calculation is:
Realized profit = (BTC amount × USD price at spend) − (BTC amount × USD price at prior on-chain movement)
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Only a positive difference contributes to realized profit. The calculation assigns USD prices to on-chain movement timestamps; it does not necessarily use a known exchange trade price for that particular holder. In blockchain metrics, acquisition and disposal prices are inferred from movement times and price data. The exact price source, timing, adjustments, and included outputs can vary by provider, so a chart’s own definition matters.
For example, if an output’s assigned value at its latest spend is higher than its assigned value at its previous movement, that positive difference is counted as realized profit. A negative difference is a realized loss. Net realized profit/loss combines profits and losses over a specified period and population. Glassnode describes realized profit as the total profit of spent coins whose disposal value exceeds their acquisition value, with values inferred from on-chain movements in metric implementations. Glassnode’s metric guide explains its terminology.
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Realized profit, realized loss, and unrealized profit
- Realized profit: The sum of positive price differences assigned to qualifying spent outputs.
- Realized loss: The corresponding negative price-difference events for spent outputs.
- Net realized profit/loss: The combined result of realized profits and losses for the chosen interval and population.
- Unrealized profit: A change in value relative to an on-chain reference for coins that remain held rather than being spent.
These terms describe different states: realized measures concern coins that moved, while unrealized measures concern value still held relative to its reference.
How realized profit differs from SOPR
Realized profit is an amount of value, commonly displayed in USD. SOPR—the Spent Output Profit Ratio—is a ratio comparing a spent output’s realized value with its value at creation. Glassnode defines it as: “It is calculated by dividing the realised value of a spent output (in USD) by the value at creation (in USD).” — Renato Shirakashi, Glassnode, 2019. See Glassnode’s SOPR guide.
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A SOPR reading of 1 is the ratio’s break-even reference. Above 1 means the spent outputs’ value at spend was higher than their creation value on average under that metric; below 1 means it was lower. SOPR does not state the aggregate dollar amount of profit, so it should not be used interchangeably with realized profit.
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What the metric does—and does not—show
It describes price-stamped on-chain movement
The metric can indicate whether coins that moved were assigned higher or lower values at spend than at their previous on-chain movement. It is an analytical view of on-chain activity, not a complete record of each holder’s economic transaction.
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It does not prove a sale or identify a seller
A coin movement is not necessarily an exchange sale. Someone can move coins between addresses they control, resetting an on-chain reference without demonstrating an economic sale. The metric alone does not establish cash proceeds, identify a beneficial owner, or explain the reason for a transfer.
It is not a tax calculation or a forecast
An on-chain realized-profit figure is not a direct measure of an individual’s taxable gain; tax treatment depends on jurisdiction and personal circumstances. Nor does a realized-profit reading by itself establish investor intent, market sentiment, a price top or bottom, or future direction. Glassnode frames such measures as analytical lenses on investor behavior and capital flows, not direct observations of intent or proof of a prediction. See Glassnode’s discussion of on-chain analysis.
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How to compare realized-profit charts fairly
Two charts with similar labels may measure different things. Check these details before comparing their values:
- Metric form: Is the chart realized profit, realized loss, net realized profit/loss, or SOPR?
- Aggregation window: Is it daily, weekly, or another interval? Different windows can produce different totals.
- Population: Does it include all spent outputs, entity-adjusted data, or a holder cohort?
- Adjustments: Does the provider exclude or adjust for particular transfers or output types?
- Price and denomination: What USD price source and timestamp are used, and are values shown as absolute totals or normalized?
Glassnode documents a long-term/short-term holder classification based on an age-centered logistic function around 155 days, with a 10-day transition width. That is a provider methodology choice, not a universal cohort boundary; identify it when interpreting or comparing cohort charts. See Glassnode’s holder-supply guide.
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Definitions establish the core concepts and the cited cohort convention, but they do not establish that all vendors use identical entity heuristics, exclusions, exchange attribution, or price sources. Treat provider series as distinct unless their methodology shows they are comparable. To inspect a chart, confirm whether it reports realized profit, net profit/loss, or SOPR, then check its interval and cohort filters in the provider’s Glassnode Studio.
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