Long-Term Holder NUPL
The paper profit of patient owners — those whose coins have not moved in more than 180 days — as a share of what their coins are worth today. Every point shown is real up to the date on the badge above the chart.
Take **only** the coins that have sat still for more than 180 days. Compare what they are worth now with what they last changed hands for, and express the gap as a share of today's value.
For example, 0.75 means three-quarters of the value held by patient owners is profit they have not taken yet. Below 0 even the patient crowd is holding at a loss.
Readings in the middle of the range say very little. It measures how much unrealised profit the patient half of the market is sitting on right now; it **does not** say when any of it gets taken.
In words: for coins unmoved for more than 180 days, take today's value minus their value at the last movement, then divide by today's value.
Every point on screen was counted by **our own Bitcoin node** — a full copy of the blockchain that we run ourselves. The line starts in late 2011, not when the first long-term coin had a price: until then almost every coin in this group dated from before Bitcoin had a market price and cost nothing, which pinned the reading near 1 whatever the market did. Like our NUPL and MVRV charts, it starts once price against the group's average cost had stayed at 10 or below for a full month. A day our node could not count is left as a gap; it is never filled in from another source.
The 180-day cut-off is a convention, and coins that are lost forever count as patient owners, which inflates the profit shown. Note on the age split: our node's history before 2026-08-17 was replayed with a 155-day split between short- and long-term holders; from 2026-08-17 it uses 180 days, so the line can shift slightly on that date.
Computed by Safu from its own Bitcoin node's long-term-holder realized price (coins unmoved for at least 180 days), set against the daily BTC closing price we store. Our node's rows for this group run back to 2009; the line starts in late 2011, once the group's average cost had settled into a range a market can produce. No outside data is used.
Computed in-house from Safu's Bitcoin node · 1 point/day since 2011 · recomputed daily