Bitcoin: On-chain Trader Realized Price and Unrealized Profit/Loss Margin

This view shows the unrealized profit or loss of medium-term traders — coins aged one to three months — as a percentage against their average acquisition price.

Deeply positive margins mean traders are sitting on large gains and have reason to sell, which has preceded local tops. Deeply negative margins mean they are underwater, and the extremes have coincided with capitulation lows.

It works best as a contrarian read at the edges rather than a trend signal in the middle. Crossings of its short-term average confirm whether momentum is turning.

API — Two endpoints: the margin from /v2/community/bitcoin-trader-unrealized-profit-margin, the realized price from /v2/community/bitcoin-trader-realized-price.