cURL
Community-built Indicators
PnL Index
CryptoQuant’s P&L Index uses the MVRV ratio, NUPL and LTH/STH SOPR to build a single bitcoin valuation indicator.
GET
cURL
What it measures
The P&L (Profit & Loss) Index combines several on-chain profitability metrics — the MVRV ratio, NUPL, and the LTH/STH SOPR ratio — into a single normalized bitcoin valuation indicator. By aggregating these signals, it captures the aggregate profit/loss state of the market in one value, smoothing out the noise of any individual metric.How to interpret it
The index oscillates around a neutral zone, with extremes flagging stretched valuations:- Values above 1 (red line) indicate bitcoin price is overvalued — the market is broadly in heavy unrealized profit, which historically coincides with cycle tops and elevated selling pressure.
- Values below -1.38 (green line) indicate bitcoin price is undervalued — the market is broadly in unrealized loss, historically marking accumulation zones and cycle bottoms.
Key thresholds
- Overvalued: above 1 (red line)
- Undervalued: below -1.38 (green line)
Run this metric in CryptoQuant Analytics
Authorizations
For each API request, include the Authorization HTTP header with Bearer <YOUR_API_KEY>.
Query Parameters
Time interval for aggregation.
Starting time, formatted as YYYYMMDDTHHMMSS (UTC). If window=day, YYYYMMDD is also accepted.
Ending time, formatted as YYYYMMDDTHHMMSS (UTC). If window=day, YYYYMMDD is also accepted.
Maximum number of data rows to return. Ranges from 1 to 10,000.
Required range:
1 <= x <= 10000