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BTC - Relative Unrealized Loss, Entity-Adjusted

Description

The Bitcoin Entity-Adjusted Relative Unrealized Loss shows the ratio of Net Unrealized Loss, Entity-Adjusted to Market Cap.

The Unadjusted Relative Unrealized Loss , in contrast, uses each UTXOs last move price to compute cost basis.

Bitcoin's USD Market Price is included for reference.

Valuations used are in USD.

Pseudocode

Bitcoin Relative Unrealized Loss, Unadjusted (USD):

for each block in blockchain:
  block.unrealloss := abs(sum(utxo.cur_val - utxo.cost_basis) from utxo_table where utxo.last_move_price > btc_usd(block.time))
  market_cap := block.total_supply_btc * btc_usd(block.time)
  block.rel_unreal_loss := block.unrealloss / market_cap
  (x,y1) := (block.time, block.rel_unreal_loss)

for each hour in blockchain:
hr_relunrealloss_usd := avg(blockchain[hr_start:hr_end].rel_unreal_loss)
(x,y1) := (hour, hr_relunrealloss_usd)

for each day in blockchain:
day_relunrealloss_usd := avg(blockchain[day_start:day_end].rel_unreal_loss)
(x,y1) := (day, day_relunrealloss_usd)

Bitcoin Relative Unrealized Loss, Entity-Adjusted (USD):

for each block in blockchain:
  block.unreal_loss_eadj := 0
  for each utxo in ledger:
    if utxo.basis_price_eadj > btc_usd(block.time):
      block.unreal_loss_eadj += (utxo.btc * (btc_usd(block.time) - utxo.basis_price_eadj))
  market_cap := block.total_supply_btc * btc_usd(block.time)
  block.rel_unreal_loss := block.unreal_loss_eadj / market_cap
  (x,y2) := (block.time, block.rel_unreal_loss)

for each hour in blockchain:
hr_relunrealloss_usd := avg(blockchain[hr_start:hr_end].rel_unreal_loss)
(x,y2) := (hour, hr_relunrealloss_usd)

for each day in blockchain:
day_relunrealloss_usd := avg(blockchain[day_start:day_end].rel_unreal_loss)
(x,y2) := (day, day_relunrealloss_usd)

Technical Info

Our entity tracking uses a proprietary algorithm, the foundation of which groups transaction input addresses. We currently track over 99 600 000 entities, spanning over 795 000 000 addresses. The largest entity has approximately 37 480 000 addresses, and the average has 7.98.

Hourly and daily aggregations are derived from block data using average for this metric.
Hourly data contains occasional gaps; no blocks were generated during these times.

Related Metrics

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