Definition. Short Term Holder NUPL (STH-NUPL) is Net Unrealized Profit/Loss computed on UTXOs younger than 155 days, serving as an indicator of the behaviour of short-term investors. Long Term Holder NUPL is the long-term holder counterpart, and Net Unrealized Profit/Loss (NUPL) is the related base variant without segmentation.

Technical. LTH/STH use a hard 155-day cutoff. For assets other than BTC, STH-NUPL uses an address-based approach, where coin age and unrealized profit and loss are measured from each address's average acquisition time and price. For ETH and ETH tokens, contract addresses are excluded; for ETH tokens, burn addresses are also excluded. The metric is related to Short-Term Holder MVRV via NUPL = 1 - 1 / MVRV.

Notes. For more information, see our article on breaking up on-chain metrics for short- and long-term holders.