Definition. Relative Unrealized Loss is the total USD loss of all coins in existence whose price at realisation time was higher than the current price, normalized by market cap. Relative Unrealized Profit is the profit counterpart.

Technical. For BTC, each UTXO is valued at the price at which it was created. For all other assets, an address-based approach is used: each address's full balance is valued at its average buy price. For ETH and ETH tokens, contract addresses are excluded, and for ETH tokens burn addresses are also excluded.

Notes. For more information, see our article on dissecting Bitcoin's unrealised on-chain profit/loss.