Definition. This chart shows the total USD-denominated Unrealized Profit and Loss held within the coin supply, presented in three traces: 🟩 Total Unrealized Profit [USD], 🟥 Total Unrealized Loss [USD] (displayed as negative), and 🟣 Net Unrealized Value [USD]. Unrealized Profit indicates where a coin was acquired at a price below the spot price at each timestamp (and vice-versa for Unrealized Loss).

Technical. The USD values are reconstructed from the relative unrealized metrics and market capitalization:

• Unrealized Profit [USD] = Relative Unrealized Profit x Market Cap 🟩
• Unrealized Loss [USD] = -1 x Relative Unrealized Loss x Market Cap 🟥
• Net Unrealized Value [USD] = Unrealized Profit - Unrealized Loss 🟣

Interpretation. These series measure the total paper gains and paper losses embedded in the supply — the incentive pool that could motivate future spending. Unrealized profit swells during sustained uptrends and peaks alongside market euphoria, representing a growing overhang of profit that holders may eventually take. Unrealized loss expands sharply in drawdowns and reaches its extremes during capitulation phases, when a large share of the supply is held underwater. The net trace summarizes which side dominates: a deeply negative net value has historically coincided with late bear-market conditions, while a large positive net value flags an increasingly top-heavy market.

Notes. Built from Relative Unrealized Profit, Relative Unrealized Loss and Market Cap. The market-cap-normalized counterpart is Unrealized Profit/Loss (Relative).