Definition. Entity-Adjusted LTH-NUPL is an improved variant of Long-Term Holders Net Unrealized Profit/Loss (LTH-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.

Technical. An entity is considered a Long-Term Holder if the time since its averaged purchasing date is more than 155 days.

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

This is the Point-in-Time (PiT) variant of Entity-Adjusted LTH-NUPL. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.