Unrealized profit/loss of short-term holders — Net unrealized profit/loss of coins held under 155 days, normalized by STH market cap
STH NUPL uses Bitcoin's UTXO cost-basis data: Unrealized profit/loss of short-term holders. 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.