利益状態のアドレス比率

The share of addresses whose cost basis sits below the market price — that is, the proportion of addresses in unrealised profit. Cost basis is estimated from the price at which each address last received coins.

Extremes carry cyclical meaning: readings near 100% typically occur around all-time highs, where almost everyone holds a gain — little trapped sell pressure, but maximum potential for profit-taking; readings below 50% correspond to deep-bear capitulation zones that have repeatedly marked cycle lows. Mid-range readings convey little. The main limitation is the cost-basis method: addresses receiving repeatedly overwrite earlier cost records, and exchange and contract addresses contaminate the sample.

Profit-and-loss metrics estimate unrealised gains and losses from on-chain cost basis, used to spot capitulation and euphoria. They rely on UTXO cost models and cannot see inside exchange ledgers, so a systematic error margin is always present.

The live chart for this metric is still being wired up. Realised P&L and supply-in-profit series are already available.