Entity-Adjusted Net Unrealized Profit/Loss (NUPL)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Entity-Adjusted Net Unrealized Profit/Loss subtracts entity-adjusted realized value from market value and divides the difference by market value. It is a unitless ratio of aggregate paper gains or losses, aiming to avoid cost resets from recognized transfers within the same holder.
How to read it
A positive reading means aggregate unrealized profit; a negative reading means aggregate unrealized loss. The 2022 range ran from about 0.485 on March 29 to -0.234 on November 9, showing a transition from net paper gains to losses under the adjusted accounting. Higher values mean a larger share of market value consists of net unrealized gains.
Entity labels are estimates, not a complete record of ownership or cash paid. The scale compresses large positive gains toward 1 while allowing losses below -1, so equal-sized moves in NUPL do not represent equal changes in MVRV. Early zero values are not evidence of a priced market at breakeven.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
FAQ
How is Entity-Adjusted NUPL related to adjusted MVRV?
With identical market-value and realized-value inputs, NUPL equals 1 minus the reciprocal of MVRV. Small differences in rounding, scope or calculation inputs can prevent exact matches between separately published series.
Why is NUPL not a percentage of holders in profit?
It adds the size of gains and losses before dividing by market value. A few large low-cost holdings can lift it even when many other holders are underwater; it does not count people.
Can the adjusted ratio still fall below -1?
Yes. On October 19, 2011, it was about -1.543, meaning net paper losses exceeded the then-current market value. Dividing by market value rather than cost allows that negative scale.
