Beneficio Realizado

Realized Profit measures the profit actually locked in each day: summing over every coin spent on-chain above its cost basis, each contributing BTC amount × (price at spend − price when the UTXO was created), in USD. The provider bitcoin-data.com states the formula as SUM(BTC × (spend price − creation price)) over outputs where the spend price exceeds the creation price. The operative word is realized — this is a flow statement recording profit-taking that has already happened, a different tense from unrealized metrics that record paper states.

Keep this site's profit/loss family straight along three dimensions: UTXOs in Profit counts receipts in the green, Supply in Profit counts coins in the green, and this page counts dollars already banked. The first two are balance sheets (a state at a point in time); this page is an income statement (the day's action). A useful combined read: high unrealized-profit stock (the first two) is only dry tinder — surging realized profit (this page) is the ignition, the mark of distribution actually underway.

The provider's empirical guide: sustained heavy realized profit means active profit-taking across the market, characteristic of blow-off phases and post-surge periods — within this site's window the single-day extreme printed in late November 2024, the churn around Bitcoin's first break of $100K. Readings scraping along lows mean most sellers exit near cost or don't sell at all — bears and consolidations. Heavy volume alone is not bearish: healthy bull-market turnover also generates enormous realized profit. What matters is whether price absorbs it — rising realized profit against stalling price is the dangerous combination.

Four notes. Cost basis is the market price at UTXO creation, and an on-chain spend is not always a sale (self-transfers and wallet migrations count too), so the metric systematically overstates true profit-taking. Coins inside exchanges never touch the chain, so in-venue profit-taking is invisible. The chart uses a log axis spanning several orders of magnitude — read relative levels, not absolutes. And subtracting the mirror page (Realized Loss) yields Net Realized P/L (NRPL, its own page here); the three read best together.

Beyond on-chain P&L, gauge market stress with live liquidations and the Fear & Greed Index.