Realised Profit estimates the US-dollar profit carried by Bitcoin outputs when they are spent on-chain. It compares the market price at the current spend with the price when each input was created, then adds only the positive differences.

That makes it a measure of profit realisation among coins that moved—not the total profit held across the network. It also does not prove that every spend was a sale. The calculation observes UTXOs and prices; it cannot see the agreement or intent behind a transaction.

How Realised Profit is calculated

Formula. Sum of BTC value × (price when spent − price when previously created), for spent outputs whose current spend price is higher than their previous creation price.

When a UTXO is spent, the model treats its creation price as a cost-basis proxy and the current market price as the disposal reference. The positive dollar difference is multiplied by the amount of BTC moved and added to the period total.

Why the metric matters

A rising reading means more dollar profit is being realised by profitable coins, a larger profit margin is being captured, or both. During an advance, that shows how much profitable supply is moving while the market attempts to absorb it.

Price provides the missing half of the picture. Heavy Realised Profit alongside a continuing advance suggests demand is absorbing the movement. Heavy profit realisation while price stalls or falls can indicate that sell-side pressure is becoming harder to absorb, but it still does not identify a top by itself.

What Realised Profit does not tell you

The metric is nominal. A one-billion-dollar reading means something different in a much larger Bitcoin market than it did in an earlier cycle. SOPR, Sell-Side Risk Ratio, moving averages and comparisons with Realised Cap provide useful scale.

It is also only as clean as the underlying transaction labelling. Self-transfers, exchange reshuffles, change outputs and custody movements can reset on-chain reference prices without a new beneficial owner. Entity-adjusted datasets aim to reduce that noise, but no heuristic removes it perfectly.

How to read it

Historically high. A large amount of dollar profit is being realised for the chosen period; check whether price is absorbing the activity.

Rising with price. Profitable coins are moving in greater size while demand is, so far, supporting a higher market.

High while price weakens. Profit-taking is elevated as price loses momentum; this deserves attention but is not a standalone reversal signal.

Low. Relatively little positive value is being realised, which can reflect quiet spending, limited available profit or both.

One-day spike. A concentrated movement may dominate the print, so inspect entity adjustment and a smoothed series before treating it as a regime change.

Realised Profit updates daily inside the Profit & Loss dashboard, alongside Realised Loss, Net Realised Profit/Loss, SOPR and Sell-Side Risk Ratio.

Common questions

Does Realised Profit mean that cash entered Bitcoin?

No. It estimates the profit attached to spent outputs under an on-chain cost-basis model. It does not observe the buyer, the funding source or whether the movement was an economic sale.

How is it different from unrealised profit?

Unrealised profit classifies coins that have not necessarily moved. Realised Profit is recorded only when qualifying outputs are spent.

Why can Realised Profit rise during a bull market?

More supply becomes profitable as price rises, and some of it moves at wider margins. A strong market can absorb that activity for a long time.

Can profit be realised during a bear market?

Yes. Older or lower-cost coins can still move above their reference prices during a broader decline or relief rally.

What should I pair it with?

Use Realised Loss and Net Realised Profit/Loss for direction, SOPR for the average spent-output ratio, Sell-Side Risk Ratio for scale and price for evidence of absorption.