Definition. Net Unrealized Profit/Loss (NUPL) segmented by holding-period age cohort. NUPL is the difference between Relative Unrealized Profit and Relative Unrealized Loss. The by-age decomposition computes the difference per cohort, showing the aggregate PnL state across short-term and long-term holders.

Technical. Breakdowns use 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 if compared across these different computational methods.

Interpretation. A cohort reading above 0 places that age band in net unrealized profit, a reading below 0 places it in net unrealized loss.