Bitcoin: P&L Index

P&L Index combines the MVRV ratio, NUPL and LTH/STH SOPR into a single Bitcoin valuation reading, so that three profitability measures can be tracked as one line.

Values above the upper threshold indicate price is overvalued relative to what holders paid; values below the lower threshold indicate undervaluation. The extremes have lined up with cycle tops and bottoms.

The 365-day average is what separates regimes. The index sitting above its own long-term average describes a bull market; falling below it describes a bear market.

API — /v2/community/bitcoin-pnl-index returns the index and its 365-day average. The same endpoint also backs the Trading Position chart.