Realized Profit measures the USD gains crystallized when coins are spent above their prior realized cost basis. The calculation applies only to spent coins during the day, comparing spend-date price with the price at the coin’s previous on-chain movement.
Large readings usually reflect profit-taking waves, older low-cost supply moving into strength, or both. Low readings can reflect fewer profitable spends or narrower margins. Realized Loss and NRPL give the closest realized-flow context.
This is a flow metric, not a supply-state metric. Profitable coins that remain dormant do not contribute. Supply in Profit can be high while Realized Profit stays quiet if holders are not spending above cost basis.
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