Definition. Entity-Adjusted STH-NUPL is an improved variant of Short-Term Holders Net Unrealized Profit/Loss (STH-NUPL) that discards transactions between addresses of the same entity ("in-house" transactions), so the ratio accounts for real economic activity only and provides an improved market signal compared to its raw UTXO-based counterpart. Entity-Adjusted LTH-NUPL is the long-term holder counterpart, and Entity-Adjusted NUPL is the related base variant without segmentation.

Technical. An entity is considered a Short-Term Holder if the time since its averaged purchasing date is less than 155 days. LTH/STH use a hard 155-day cutoff.

Notes. For more information on entity-adjustment and account-based metrics, read our articles here and here.