Proximity NUPL (Near-Price Cost Basis)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Proximity NUPL subtracts Proximity Realized Price from BTC price and divides the difference by BTC price. It expresses the gap to the proximity-weighted cost basis as a unitless fraction of spot, with positive values for a premium and negative values for a discount.
How to read it
Values above 0 show spot above the weighted cost, while values below 0 show spot below it; rising readings mean the relative gap is moving toward greater local profit. On March 4, 2024, the series reached about 0.1266, compared with a 2022 low near -0.0749 on May 11. These refer to the weighted cost measure, not the whole market's paper P/L.
Costs near spot receive more weight, and that mix changes as price moves. Broad-market NUPL sentiment zones therefore do not apply. The chart uses decimal fractions: 0.01 means 1%, while -0.01 means a negative gap equal to 1% of spot.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2010-07-18
- Latest data
- 2026-10-27
- Data points
- 5,946
FAQ
How are Proximity NUPL and Proximity MVRV related?
Using the same price and weighted cost basis, Proximity NUPL equals 1 minus 1 divided by Proximity MVRV. A Proximity MVRV of 1 corresponds to Proximity NUPL of 0.
Does a negative Proximity NUPL mean all Bitcoin holders are in loss?
No. It means spot is below the proximity-weighted cost basis. It neither describes the average cost of all supply nor counts the share of holders in loss.
Is a Proximity NUPL reading of 0.1 the same as a 10% gain on cost?
No. The gap is divided by spot, not cost. A value of 0.1 puts weighted cost at 90% of spot, so spot is about 11.1% above that cost.
