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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)
To determine whether bitcoin is in a bull or bear market, compare the P&L Index against its 365-day moving average: trading above the moving average signals a bull regime, while trading below it signals a bear regime.

Run this metric in CryptoQuant Analytics

Authorizations

Authorization
string
header
default:Bearer <YOUR_API_KEY>
required

For each API request, include the Authorization HTTP header with Bearer <YOUR_API_KEY>.

Query Parameters

window
string
default:day

Time interval for aggregation.

from
string

Starting time, formatted as YYYYMMDDTHHMMSS (UTC). If window=day, YYYYMMDD is also accepted.

to
string

Ending time, formatted as YYYYMMDDTHHMMSS (UTC). If window=day, YYYYMMDD is also accepted.

limit
integer
default:100

Maximum number of data rows to return. Ranges from 1 to 10,000.

Required range: 1 <= x <= 10000

Response

200 - application/json

market regime

status
object
required

Returned with every response; indicates whether the request was successful.

Example:
result
object
required