USD profit vs loss locked in daily — USD P&L locked in by spent coins (needs the v4 extended realized pass — empty until it lands)
Realized P&L uses Bitcoin's UTXO cost-basis data: USD profit vs loss locked in daily. It connects the current market with the prices at which coins were last moved.
Look for changes in profit, loss and holder cost basis across weeks or months. Those shifts show whether the market is absorbing supply or realizing stress.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.