Definition. Realized Cap by Profit and Loss decomposes Realized Capitalization, the total acquisition cost of all coins in circulation based on the price at the time each unit last moved, by the unrealized profit or loss of each coin relative to spot. Coins are bucketed using Fibonacci retracement levels to give a depth-banded view of how much of Realized Cap is held above versus below current price.

Technical. The breakdown uses an address-based approach, analyzing transactions and holdings at the wallet-address level to facilitate comparability across digital assets and to ensure consistent analysis across various blockchain architectures. This contrasts with the alternative UTXO-based approach for chains like Bitcoin, where unspent transaction outputs are analyzed to categorize asset properties. Metrics for UTXO-based assets may show slight deviations across the two computational methods.

Interpretation. Surfaces how much of the realized cap is held at a profit versus a loss across PnL bands. Answers questions of the form: is the majority of the realized cap currently held in coins that are above or below their acquisition cost?